Prudential Investment Management (PIM) is one of the largest investment managers in the U.S. with $948 billion of assets under management. Prudential Fixed Income (PFI) is the largest asset management group within PIM, managing assets of over $550 billion, which include government, mortgage and asset backed securities, corporate bonds (investment grade and high yield), bank loans and emerging market debt. PFI manages investments for a wide variety of domestic and international clients, which include public and corporate pension funds, institutional and retail investors and Prudentials general account. PFI operates globally with offices in the U.S., London, and Tokyo.
The Bank Loan Settlement Specialist within the Trade Administration team is responsible for providing operational support to Prudential Fixed Income’s syndicated bank loan business. This includes supporting the settlement activities in any account that holds bank loans. Analyst will be responsible for the support of all settlement activities as they relate to USD Bank Loans as well as assist where needed with any non-USD bank loans. This includes data integrity, trade communications/settlements, and requires frequent communication with Trustees, Agent Banks, Legal, Compliance and Portfolio Management.
Job responsibilities may include:
Candidate will be responsible for coordinating with trade counterparties to receive and review par loan trade documentation
Coordinate closings among custodians, counterparties and other groups within the firm
Communicate and resolve, when possible, trade problems
Support all settlement activities as they relate to US and Non-USD Bank Loan settlements
Help staff solve problems and incorporate new processes to mitigate risks
Being the primary on-site operations point of contact.
Understanding industry initiatives including implementation (i.e. documentation, industry standards, etc.)
Assuming ownership for any operational issues that are raised and providing resolution in a manner that is seamless regardless of which operational areas are impacted.
Anticipating issues that may adversely affect the operational support of the Bank Loan product and take action to reduce the risk of occurrences.
Proactively seeking ways to improve current processes by leveraging the tools available to identify inefficiencies.
Keeping abreast of industry initiatives and market trends that can impact our business model and/or offer opportunities to improve our processes.
Degree in Economics, Finance or Business preferred
Candidate will have minimum of 2 – 4 years experience closing par loans, including: The draft and review of all forms of Par/Near Par loan trading documentation and familiarity with Par/Near Par loan trading market convention (familiarity with Distressed loan trading convention a plus)
Strong knowledge of Bank Loan products and/or other fixed income products and investment strategies.
Experience with ClearPar loan closing system, a plus
Ability to read and interpret credit agreements
Proven ability to develop and cultivate relationships across all staff levels.
Self-motivation and ability to work within a team environment.
Strong knowledge of MS excel spreadsheets, bank loan trading platforms and other industry tools.
Able to multi-task and absorb information across a broad spectrum of products.
Ability to organize, prioritize tasks and work in a deadline oriented environment.