Operations Manager

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What We Do

We employ a global multi-strategy investment approach, opportunistically engaging in a broad array of trading and investing strategies across a wide group of diversified managers.

Our specialized divisions have built and continually evolve our core infrastructure platform. This enables our trading teams to independently pursue unique investment strategies within one centrally-driven risk and operational framework.

Millennium has differentiated itself from other alternative investment management firms through our consistent ability to generate high quality returns for our investors.

Millennium’s unique framework has created what we believe to be a sustainable and scalable organization aligned in partnership with our investors. Our dedication to our mission has defined Millennium as an industry leader over our 30+ year history.

A Career At Millennium

With more than 3,400 employees, our firm harnesses the entrepreneurial drive of our people. We seek to attract, develop and retain the best talent in the industry. We offer an opportunity to develop your career by working with a leadership team that has years of industry experience across a variety of disciplines. We encourage our team to work together in a collegial and collaborative team-based environment. We empower them to act like owners by making decisions based on a combination of rigorous analysis and an open, creative mindset. This enables us to continuously improve our day-to-day activities, and ultimately the firm as a whole

General Information

• Hiring Department/Group: Operations & Middle Office
• Job Title: Operations Manager
• Office Location: Switzerland, Zug
  

Department Overviews

Middle Office

Operations and Middle Office is one of the largest departments at Millennium. The Middle Office group consists of three inter-connected functions in the post-trade lifecycle: trade support, valuations, and business unit control. Middle Office supports all products traded within firm – ranging from simple listed equities to complex derivative products.

Middle Office – Valuations

The Valuation Analytics team is responsible for intraday and end of day valuation for all the firm’s trading positions. The group works closely with our Risk and Technology departments to integrate and calibrate pricing models, and incorporate market data feeds to produce the firm’s official valuation. In conjunction with Risk Management, the group designs and implements processes and workflows to meet valuation needs of new products and asset classes. The team will also work closely with the Middle Office’s P&L team to ensure that policy and procedures are being accurately followed at all times.

Operations – Core Ops

Operations and Middle Office is one of the largest departments at Millennium. The Core Operations team is responsible for three functions: asset servicing, Prime Broker management & reconciliation, and financing.

Job Function Summary

The core responsibilities of Operations Manager in Zug, include leading initiatives to enable new businesses & optimize platform, and working closely with Trading Groups as well as with wider Core Infrastructure teams to contribute to the continued growth and success of the business in the region.

The role involves managing operational risk, Trade Capture, P&L, and valuation processes as well as the daily trade lifecycle of trading activities of all portfolio managers trading Equities, Commodities and Fixed Income products. The candidate will work closely with key stakeholders and senior management across departments in the region and globally, and also with external counterparties to enable business and improve processes on ongoing basis.

Candidate should be able to work in a fast-paced environment and one that is continually changing. The successful candidate will be a self-starter with strong organizational and communication skills.

Principal Responsibilities

• Trade Queue: Monitoring and timely clearance of the trade queue. This covers all products.
• Middle Office Inboxes: Monitoring and timely resolution of queries sent from PM’s
• Electronic Affirmation: Working with eclerx, directly onshore and with our counterparties to match trades in a timely manner for IRS, Bond and Credit trades on their various affirmation platforms.
• Non-electronic Affirmation: To ensure that the risk on all trades or products that do not go through an electronic platform have been addressed and mitigated.
• Broader T0 tasks: To ensure that the MO provide a timely level of service and support to the other product lines and areas who are involved with affirming trades on T0 (e.g. FX, Futures, Equity).
• Overnight P&L verification: Daily review of the estimate p&l compared to the final p&l and resolution and understanding of differences.
• Price Challenges: Actively working with the PM’s to help resolve potential cases of miss-pricing for intra-day marks.
• Close Prices: Work with the PM’s and internal stakeholders to ensure that the closing prices applied to the instruments traded reflect accurately the market observed pricing.
• Net FX Hedge: Run on a daily basis the firms FX hedging process for elected PM’s.
• Escalation: Escalation to line manager, Operational risk and the wider management team of failures in the process or potential issues that could create a loss for the firm (either direct or a p&l re-instatement).
• Global Model: The MO operates a ‘follow the sun’ model and so it is important to ensure that there is a clear handover of tasks and responsibilities to each region.
• Firm support: Primary support focus of the MO is to support the PM’s but the wider responsibility is to work with all of the teams in the firm to ensure that the accurate and timely capture of trades is completed every day.
• Improvements and management of initiatives: Identify and document pain points / process weaknesses within respective areas, and take steps to remediate through delivery of remediation initiatives. This should include: Stakeholder buy in and engagement, syndication and sign off of business case(s), end-to-end project planning, delivery to plan and status reporting, and escalation of risks / issues.
• Control focus: Proactively identify, assess and document risks within your area, and propose process and control improvements to mitigate them. Additionally it is required to keep the Operational Risk department informed of any findings.
  

Qualifications/Skills Required

• Strong knowledge of full product life cycle, ideally across multiple products; at a minimum must have strong/detailed knowledge of at least one product: equities, futures, FX, bonds, interest rates derivatives, credit derivatives.
• Good working knowledge and experience in running pnl calculations and processes, with emphasis on pricing and valuations
• Ability to drive and lead process change; able to prioritize in a fast moving, high pressure, constantly changing environment
• Strong interpersonal and communication skills; ability to work collaboratively with wider teams internally across regions as well as with external counterparties and providers
• Bilingual ability Orally/Written (English, French)
• Quick learner, highly analytical and strategic thinker; understands financial products and has the ability to grasp new concepts around products and processes quickly
• Self-starter, solid organizational skills, ability to multi-task effectively and work independently
• Detail-oriented; demonstrable thoroughness and strong ownership of work
• Knowledge in SQL, Macros/VBA or relevant coding languages to perform analytics and build tactical solutions a strong plus