Investment Operations Associate - Chief Investment Office (CIO) (R-108785)
Job Classification:Investment Management - Investment Operations
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with over $1.5 trillion of assets under management, has operations in the United States, Asia, Europe, and Latin America. Prudential's diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential's iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century.
The Chief Investment Office's (CIO) Chief Operating Office (COO) is committed to being a trusted partner that delivers efficient and risk-smart operational solutions for investment activities. The COO executes this through 4 main functions: Core Operations; Investment Performance Reporting and Analysis; Risk, Governance and Administration; and Financial Reporting and Analysis. The COO relies on a talent-centric culture, with tech-driven operations to support the CIO by performing post-trade execution, performance measurement, quarterly close support, and operational risk activities.
The Core Operations team within COO is seeking an Investment Operations Associate to join the team. The Core Operations provides trade support and back-office operations for Prudential Global Funding LLC, the Global Hedge Management team, as well as several affiliates. Primary support functions include ensuring the accurate maintenance of trade records for all OTC derivatives within the firm (for Prudential businesses only - excludes 3rd party managed and retail funds, non-guaranteed separate accounts), as well as certain exchange traded instruments from inception through maturity, confirmation and processing of payments related to derivatives activity, maintaining market data for purposes of trade valuations, management of collateral related to derivatives positions, preparation of daily risk reports for management, and drafting and reviewing contract confirmations.
The associate will be responsible for some of the processes described below:
Acts as the central point for all incoming or outgoing wire transfers for Prudential Global Funding (PGF). Some of the more critical functions associated with the Cash Desk include the daily bank reconciliation, cash projections and the processing of all US dollar and foreign denominated wires. Responsibilities may also include the daily preparation and processing of all interest rate swap payments, as well as any FX conversions and payments for both PGF and the Enterprise.
Market Data Processes
The team is responsible for uploading and maintaining all the market data needed for the pricing and valuation of derivatives. Examples of this include setting the rates on all swaps, caps, floors and collars and ensuring the upload of the USD, FX, volatility and spread curves into the Summit system.
The team is responsible for the daily monitoring of counterparty exposure to support the collateral service agreement (CSA) and initial margin requirements for cleared OTC and bilateral OTC derivatives. In addition to monitoring and reporting the exposure, responsibilities include responding to and instructing upon daily collateral calls. This includes substitutions, researching any disputed items, performing reconciliations of portfolios when disputes occur and managing the principal and interest processing of collateral posted and held.
Responsible for drafting and reviewing derivative contract confirmations for all products executed.
Additional job responsibilities may include:
· Maintenance of new trades and performing deal verification to ensure the accuracy of the trade details in the derivative system.
· Resolution of fails for all settlements.
· Research and resolve trade discrepancies
· Responding to ad-hoc requests.
All the responsibilities within Operations requires an individual who has strong analytical skills, the ability to research and resolve outstanding items independently, works well in a team environment, completes one’s responsibilities in a timely and accurate manner and who exhibits good interpersonal skills. Aside from the daily responsibilities, the individual is also expected to work on various assigned projects and become more actively involved in the development and implementation of value-added initiatives. Not only will such projects challenge the individual and broaden their scope of knowledge, but also benefit the group by streamlining and/or creating efficiencies to current work processes.
· Excellent interpersonal skills. Ability to communicate in a tactful, diplomatic manner.
· Good organization and time management skills.
· Ability to complete both daily and long-term assignments.
· Ability to work well under pressure and meet tight deadlines.
· Working knowledge of Microsoft Excel and Word.
· Excellent analytical skills and problem-solving skills.
· Ability to demonstrate a high degree of initiative.
· Able to communicate and work well in a team environment as well as independently
· Detailed oriented
· College degree.
The position is primarily located in Newark, New Jersey subject to hybrid work arrangements
“One of the responsibilities of this position includes the processing of wire transfers. In accordance with the Treasurer’s Policy “Background Screenings on Wire Transfer Associates,” any candidate selected for this position will be required to submit to a background screening including a criminal check, a credit check and fingerprinting. Failure to comply will eliminate a candidate from consideration for this position. In addition, any negative information obtained as a result of the background screening may result in the disqualification of the candidate from this and any other position in Prudential, including their current one if they are an internal applicant."-
Prudential Financial, Inc. of the United States is not affiliated with Prudential plc. which is headquartered in the United Kingdom.
Prudential is a multinational financial services leader with operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping individual and institutional customers grow and protect their wealth. The company's well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, asset management, and real estate services.
We recognize that our strength and success are directly linked to the quality and skills of our diverse associates. We are proud to be a place where talented people who want to make a difference can grow as professionals, leaders, and as individuals. Visit [Register to View] to learn more about our values, our history and our brand.
Prudential is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, national origin, ancestry, sex, sexual orientation, gender identity, national origin, genetics, disability, marital status, age, veteran status, domestic partner status , medical condition or any other characteristic protected by law.
The Prudential Insurance Company of America, Newark, NJ and its affiliates.
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