MSRP-Investment Associate – Multiple vacancies (INVESTMENT ASSOCIATE MSRP)

Introduction

The Maryland State Retirement Agency is the administrator of the Maryland State Retirement and Pension System (âSystemâ). The System is a defined benefit retirement system covering governmental employees within the State of Maryland. Itâs composed of twelve (12) separate retirement and pension systems with over 50 different rule sets. The System has over 430,000 participants (customers), including 192,000 members who are actively employed and participating in the System, 165,000 payees who receive a monthly payment from the System, and 40,000 vested members who are no longer actively employed but have earned a benefit that will become payable at a future date. Â

Located in Baltimoreâs Central Business District, SRPS offers a purpose-driven workplace with modern amenities, including panoramic city and harbor views, renovated common areas, upgraded elevators, and an on-site cafÃ.Â

Employees enjoy comprehensive state benefits including medical, dental, prescription coverage, generous paid leave, participation in the state pension system, and supplemental retirement savings options (401(k), 457(b), and more). Additional perks include an on-site fitness center with showers and lockers, 24/7 building security, and easy access to restaurants, shops, public transit, and major highways.Â

This is a Special Appointment position and serves at the pleasure of the Appointing Authority.

GRADE

MSRP 0006

LOCATION OF POSITION

120 E. Baltimore St.Â

Baltimore, MD 21202

Main Purpose of Job

Note: We have multiple positions available in this classification within the Investment Division. The primary purpose, specific duties and preferred qualifications may vary for each role, but all are considered entry level investment positions. Applicants who apply at this time will be considered for all current and future vacancies within this classification. So, if you meet the minimum qualifications for this classification, you are encouraged to apply now.Â

The main purpose of this position is to contribute to the decision-making process and to support investmentâs staff derivatives trading. The position reports to the Director and Managing Director of Investment Administration and Operations in carrying out responsibilities required.Â

 ⢠To implement the tasks and outcomes required to support investment transactions with respect to investment administration and operations including cash management and internal trading.

 ⢠Perform analysis of the derivativesâ profit or loss. To ensure that the integrity of the established investment administration and operations framework is maintained that policies and procedures are implemented as intended, and that an awareness of the rules, laws, and regulations exists.

 ⢠Perform all tasks in support of the Systemâs listed and over-the-counter (OTC) derivatives trading including analytical and other work in support of the decision-making process.Â

 ⢠Provide valuations to relevant stakeholders Reconcile performance of the derivatives vs that of the Systemâs counterparties and Systemâs custodian.

 ⢠Manage Systemâs risk vs Systemâs derivativesâ counterparties.

 ⢠Ensure timely accuracy and integrity of all relevant data within all relevant systems. Monitor and aggregate AANA and UMR related data.

 ⢠Monitor and advise investment staff of requisite actions during life-cycle of each derivativesâ position or related positions.

 ⢠Ensure efficient flow of relevant derivatives data across all systems. Work with Systemâs IT staff and that of counterparties, custodians and vendors.

 ⢠Serve as an SME on negotiated terms with each counterparty or FCM

POSITION DUTIES

The specific job duties for this position includes but are not limited to:

The specific duties include but are not limited to:

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COLLATERAL MANAGEMENT:

• Determine and execute which collateral to post for certain derivative transactions.
• Manage collateral portfolio to ensure securities within the collateral portfolio are eligible.
• Perform analysis of the derivativesâ profit or loss.
• Calculate Systemâs all related to derivatives positions. Monitor agreed to thresholds. Manage collateral. Provide instructions, communicate notices, work with Investment Operations team to execute required cash, non-cash movements, or substitutions of collateral securities
• Establish a process of collateral management life cycle by collaborating with custodian and the investment division working toward internalization of collateral management
• Compare various collateral management avenues and present them to senior stakeholders
• Create a process to manage and track collateral across derivative portfolios
• Research and update processes based on research
• Manage securitiesâ lending eligibility status of counterparties posted collateral. Advise investment staff of any cash or non-cash collateral changes.
• Manage relationships with counterparties, their custodians, mid and back offices

 PERFORMANCE MONITORING:

• Calculate performance (e.g. pair trades, directional trades etc.).
• Provide valuations to custodians, counterparties and other stakeholders as needed.
• Work with Systemâs custodian and collaborate with internal Risk Management and Compliance on all aspects of derivatives trading including control measures.

DERIVATIVES â Futures, OTC Derivatives, Forwards and Options

·          Broker onboarding and relationship management

• Derivatives Agreements management

à Liaison between the broker, traders, MS and lawyers to agree on rates and get signatures

• Trade reconciliations

ÃÂ Track trades and give-up trades to make sure they are in the correct account

ÃÂ Reach out to the appropriate party to correct allocations if needed

• Margin Verification

ÃÂ Track margin calls and confirm if margin calls are legit

à Email MS to rectify any incorrect margin calls

• Account setup

à Work with the brokers to setup accounts in AIM

à Connect operations to brokers to setup SSIs in BB

• Account balance management

à Tracking any FX deficits in accounts and alerting traders to cover any shorts

ÃÂ Covering any USD shorts in SEC/SEG accounts

• Non-Cash Collateral

à Posting and recalling non-cash collateral at MS

à Moving securities and keeping track of securities at SS

ÃÂ Coupon tracking and moving the coupons back to the original account

• Options

1) Trade reconciliations

ÃÂ Verifying trades are reflected in the correct account

ÃÂ Â Â Commission reconciliation

2) Margin management

ÃÂ Monitoring and managing margin calls

à  Recalling collateral from options accounts when necessary

• Swaps

à Sending trade open and close templates to SS

ÃÂ Tracking daily cashflows

à Exchanging cash flows during resets

à Account setup and broker onboarding

• Margin Forecasting for Futures

à Forecasting the probability of margin calls to help with cash management

à Tracking margin calls

à Testing various models to get the best approximation

• Automation Projects

ÃÂ M4PM Aladdin cash file

à MS Interest tracking

à MS coupon tracking

à MS payment and recall tracking

à Other projects as assigned

INVESTMENT OPERATIONS AND DATA AND DATA INTEGRITY:

·      Collaborate with Investment Operations to facilitate trade cycles, corporate actions, settlements, and resolution of trade disputes, etc.

·      Monitor and provide support to cash management, including but not limited to, wires, reconciliation, recording, corresponding with financial institutions.

·      Work closely with the Director of Investment Operations to ensure efficient processes are in place for trading derivatives and other cash products.

·      Manage accurate derivatives related data within Systemâs trade order management system. Ensure relevant data is accurate at counterparties, custodian(s), vendorsâ risk management/compliance systems. Reconcile valuation with external counterparties. Perform AANA, UMR related calculations, verify that of custodians, counterparties or vendors.

MINIMUM QUALIFICATIONS

Education:Â Graduated from an accredited four-year college or university with a bachelorâs degree.Â

Experience:Â Applicants can substitute a minimum of four years of relevant investments or finance for the required education qualification.

DESIRED OR PREFERRED QUALIFICATIONS

Preferred qualification:

A candidate will have some of the experiences, knowledge and accomplishments listed below to achieve success with the positionâs responsibilities:

· Experience in investment operations at a pension, endowment, foundation, or other institutional investment organization.Â

· Strong quantitative analysis and research skills for researching and developing workflow modelsÂ

· Experience with investment operational process in multi-asset portfolios including derivatives, collateral management, fixed income and equities. · Knowledge of collateral management process, AANA calculations, margining, settlements, Bloomberg account set ups.Â

· The capacity to use critical thinking and system thinking to solve problems for investment operations.Â

· Strong financial modeling skills with a focus on modeling investments. · Strong communication skillsÂ

· Demonstrated ability and willingness to be collaborative across the division. · Ability to understand and operate within a strong governance and compliance culture.

SPECIAL REQUIREMENTS

Due to the confidential nature of the work, selected candidates must undergo and pass a background and credit check.

SELECTION PROCESS

Please make sure you provide sufficient information on your application to show that you meet the minimum qualifications for this recruitment and submit all additional documentation as required as noted below in the âFurther Instructionsâ section. All information concerning your qualifications must be submitted by the closing date. Applicants who meet the minimum qualifications and submit the required documentation will proceed to the next phase of evaluation. Candidates may be interviewed in person or via telephone to determine selection.

BARGAINING UNIT STATUS

This position is exempt for Bargaining.

BENEFITS

Click on the link below to see the Benefits for State Employees

STATE OF MARYLAND BENEFITS

As an employee of the State of Maryland, you will have access to outstanding benefits, including: health insurance, dental, and vision plans offered at a low cost. Â

· Personal Leave - new State employees are awarded six (6) personal days annually (prorated    based on start date).Â

· Annual Leave - ten (10) days of accumulated annual leave per year.Â

· Sick Leave - fifteen (15) days of accumulated sick leave per year.

· Parental Leave - up to sixty (60) days of paid parental leave upon the birth or adoption of a child.Â

· Holidays - State employees also celebrate at least thirteen (13) holidays per year. Â

· Pension - State employees earn credit towards a retirement pension.Â

FURTHER INSTRUCTIONS

The online application process is STRONGLY preferred. If you are unable to apply online, you may mail a paper application to:Â Â

Maryland State Retirement and Pension Systems Â

Human Resources Services Â

120 E. Baltimore Street Â

Baltimore, MD 21202Â Â

Email: Nick Pindale at npindale@sra.state.md.usÂ

PLEASE DO NOT SUBMIT UNSOLICITED DOCUMENTATIONÂ

As an equal opportunity employer, Maryland is committed to recruiting, retaining and promoting employees who are reflective of the Stateâs diversity. Â

People with disabilities and bilingual candidates are encouraged to apply. Â

We thank our Veterans for their service to our country.  Â

TTY Users: call via Maryland Relay Â