Managing Director - Reconciliation

Who we are looking for

Global Delivery is a critical part of the business operations at State Street. We have around 30,000 staff various locations around the world including our key hubs in EMEA, APAC and North America and our global hubs in Hangzhou, China, Krakow and Gdansk in Poland and Bangalore, Hyderabad and Mumbai in India.

Functionally, we are the backbone and nerve center supporting the entire investment servicing lifecycle across our key asset classes - Asset Management, Asset Owners, Insurance, Alternatives including PE, RE and Hedge and the Official Institutions and a wide spectrum of investment servicing products.

Global Delivery India is an integral part of our global operations delivering custody, accounting, fund administration, alternatives, middle office, transfer agency and on-boarding services across multiple client segments, investment structures and domiciles.

The Role:

We are looking to hire for MD – Reconciliation in India a part of the GD India’s – Custody & Centralized Services management & leading a team of Approx 1,200+ employees across various locations in India.

Whilst this role is advertised to be in Coimbatore, and we are open to considering candidates who are based in other locations and as such this role will be location agnostic in a location where we have a significant presence in India. This role will, dual managers, locally into the SVP - India Head of Custody, Complex Operations, and Reconciliation and functionally into the SVP – Global Head of Reconciliation.

Critical business priorities:

What you will be responsible for

• Evolve the India Reconciliation operating model
• Drive multi-year transformation objectives for Reconciliations
• Significantly improve the control environment and productivity
• Build better end-to-end production with across GD processing teams and other locations
• Effectively partner with Global Delivery, IT and Client side of the organization
• Improve quality of service delivery within the business and at the same time improve productivity
• Drive the culture of Ownership, Accountability and ONE State Street culture across the teams
• Own the Operating Model and deliverables, in concurrence with global functional leaders
• Implement the operating model – making regional teams own the process, accountable for the risk, improve efficiency in-line with the global bank strategy
• Identify and understand the root cause of issues and facilitate action plans to enhance the overall client experience
• Impart best practices approach across, Client Experience, Operational Excellence, Risk& Controls and Employee Engagement
• Partner and collaborate with Global Delivery Simplification initiatives to drive transformation objectives for Reconciliation Operations
• Improve and ringfence the end-to-end risk and control environment across Reconciliation operations
• Lead effective partnership across other teams in Global Delivery, IT Dev and Client Service side of organization
• Improve Client Service delivery – fixing or eliminating Aged Reconciliation, Cash / Position Breaks or enquiry items. Implement quick responsiveness and closure of internal or external inquiries
• Reduce the operating cost and operating losses, across all the process and avenues in line with OKRs
• Evolve the people strategy – foster safe environment for organic and diverse talent growth & management.
• Incorporate various career pathways to meet growing needs of talents withing State Street career framework

Role Definition:

• Leader of Reconciliations organization ensuring timely, quality processing and controls across services
• Responsible for maximizing the effectiveness of the Reconciliations group.
• Responsible to drive the transformation and process engineering agenda aligned to global efficiency strategy – by adhering to Change Management and GDS framework
• Drive continuous improvement: productivity, quality, and Risk Excellence; key KPI’s include driving down aged Reconciliation defects and unit costs.
• Responsible to partner with GD India management team to overall improve the GD control environment and reduce reputational, financial, regulatory risk to clients and bank. Fix the root cause of the reconciliation defects.
• Identify and lead transformation and process engineering agenda for Reconciliations.
• Manage the senior leadership team (Direct & Functional) and oversee all operational reconciliations.

What we value:

At a Managing Director level, we require senior leadership and advanced skills in areas such as:

• Navigate a large, global organization. Build meaningful relationships and develop an effective network.
• Work successfully in a matrixed environment. Effectively manage multiple stakeholders, determine highest priorities for the organization, identify and resolve contention between directives.
• Proven leadership skills as well as managing and developing a high performing operation team.
• Excellent time management, presentation skills and communication to multiple levels (clients, other 3rd parties, executives, peers, subordinates). Flexibility across multiple communication formats
• Proven track record of achieving/exceeding financial goals through expense discipline and headcount management.
• Experience with change management programs in sponsorship, leadership roles. Demonstrated ability to execute under challenging circumstances and deliver targeted outcomes.
• Demonstrated ability to manage, coach and influence colleagues and virtual team members.
• Cross-cultural awareness and the ability to connect with colleagues globally in a collaborative, open work environment. To serve as a role model of acceptance and flexibility in dealing with colleagues with varying backgrounds.

The candidate for the MD –Reconciliation in India role will possess and/or be able to demonstrate:

• A proven track record at a senior level in asset servicing or asset management
• Over 18+ years' experience running large operations teams within financial services.
• Technical knowledge of book of work, fund accounting activities and associated regulations
• Enterprise leadership skills managing client service delivery and business growth.
• Experience interfacing at a senior level with clients, service providers and regulators.
• Strong team leadership, coaching, mentoring, communication and presentation skills
• Focus on talent management, optimizing technology and managing operational risk
• Energy, enthusiasm and an obsession with service quality and delivering to our clients
• An ability to think strategically, managing complexity, change and multiple priorities
• A successful track record of delivering major operational or platform improvements
• A relevant graduate degree or master's qualification that can be leveraged in this role

Additional requirements

• Must be willing for regular business travel