Hedge Fund and Regulated Fund Underwriting

28 February 2024
London, UK


Job Description: Job Title: Hedge Fund and Regulated Fund Underwriting Corporate Title: Vice President Location: London Company Overview: At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day. One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being. Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization. Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us Location Overview: Our London office is based just a stone’s throw from the magnificent St. Paul’s Cathedral on bustling King Edward Street. Here you’ll find modern workspaces and a state-of-the-art auditorium space. In addition, we’re proud to host an onsite restaurant that shares our commitment to sustainability by providing delicious seasonal menus which have been created with the planet in mind. Make sure to take time for yourself and head up to our rooftop terrace and take in the spectacular views across London. Finally, your physical wellness is well-catered for with our onsite gym facilities and medical centre. The Team: Global Markets Credit is responsible for underwriting Structured Financing Transactions, Non-Recourse Lending to SPVs, Specialty Finance, Hedge Funds and Regulated Funds (Real-Money Accounts), Central Counterparties (CCPs), and Municipal Banking and Markets. We work closely with product specialists, relationship managers and the risk function. Role Description: This Funds credit role sits within Global Markets Credit (GMC) and you will be responsible for managing the counterparty risk on a portfolio of EMEA-based hedge fund and regulated fund clients. The GMC (1st Line of Defence) sits within Enterprise Credit, which delivers and manages the credit relationship for wholesale clients in accordance with Bank of America’s growth strategy, risk and underwriting standards. Responsibilities: • Managing a portfolio of EMEA based fund clients from on-boarding through to underwriting/credit approval and ongoing risk management. • Detailed written analysis of fund counterparties demonstrating a good understanding of investment strategies, liquidity, leverage and volatility. • Perform qualitative and quantitative credit assessment of clients and their trading exposure including stress and sensitivity analysis. • Lead credit due diligence calls with fund clients. • Participate in the daily trade flow approval process • Liaise with Legal to initiate documentation for trading activity including the specification of credit terms as required. • Timely identification and escalation of limit overages, margin disputes and missed calls, monthly NAV trigger breaches, escalation threshold breaches and ad-hoc report management, escalating any counterparties/issues of concern as necessary. • Conduct ad-hoc portfolio reviews and prepare management information as required. • Contribute to regulatory tasks and deliverables as required in respect of EMEA fund portfolio. • Promote engagement with Sales & Trading executives, Agreements & Documentation (A&D) partners, Collateral Management & Operations, Equity Prime Brokerage Risk, Enterprise Credit Risk and Market Risk Management. What we are looking for: • Prior experience in a hedge fund and/or regulated fund counterparty credit risk role. • Knowledge of fund strategies and associated risks. • A good understanding of Global Markets suite of products and legal documentation. • Solid understanding of market risk metrics and ability to interpret stress/sensitivity data Skills that will help: • Self-starter with communication skills and an ability to negotiate effectively • Problem solver, ability to manage issues in a timely manner • Good quantitative and Excel based skills required. • Bloomberg experience advantageous. • You will be be willing to support more junior members of the team as required. Benefits of working at Bank of America: UK • Private healthcare for you and your family plus an annual health screen to help you manage your physical wellness with the option to purchase a screen for your partner • Competitive pension plan, life assurance and group income protection cover if you become unable to work as a result of a disability or health reasons • 20 days of back-up childcare including access to school holiday clubs and 20 days of back-up adult care per annum • The ability to change your core benefits as well as the option of selecting a variety of flexible benefits to suit your personal circumstances including access to a wellbeing account, travel insurance, critical illness etc. • Access to an emotional wellbeing helpline, mental health first aiders and virtual GP services. • Access to an Employee Assistance Program for confidential support and help for everyday matters • Ability to donate to charities of your choice directly through payroll and the bank will match your contribution • Opportunity to access our Arts & Culture corporate membership program and receive discounted entry to some of the UK’s most iconic cultural institutions and exhibitions. • Opportunity to give back to your community, develop new skills and work with new groups of people by volunteering in your local community. Bank of America: Good conduct and sound judgment is crucial to our long term success. It’s important that all employees in the organisation understand the expected standards of conduct and how we manage conduct risk. Individual accountability and an ownership mind-set are the cornerstones of our Code of Conduct and are at the heart of managing risk well. We are an equal opportunities employer and ensure that no applicant is subject to less favourable treatment on the grounds of sex, gender identity or gender reassignment, marital or civil partner status, race, religion or belief, colour, nationality, ethnic or national origins, age, sexual orientation, pregnancy or maternity, socio-economic background, responsibility for dependants or physical or mental disability. The Bank selects candidates for interview based on their skills, qualifications and experience. We strive to ensure that our recruitment processes are accessible for all candidates and encourage any candidates to tell us about any adjustment requirements. This employer is a corporate member of myGwork - LGBTQ professionals, the business community for LGBTQ professionals, students, inclusive employers & anyone who believes in workplace equality.