Job Title: HEAD OF DISTRIBUTION (RETAIL & INSTITUTIONAL ASSET MANAGEMENT) COMPLIANCE-CF10A


Reference:AJB JB AM 171


Date: 10 Apr, 2018

Location: City of London


Assignment Profile:

Our client is a well-respected multi-jurisdictional Asset Manager based in the UK with in excess of a £50 billion AUM They are seeking to employ a very experienced Head of Distribution Compliance, covering all retail and institutional distribution matters In summary, the primary purpose of this job is to provide leadership and direction to Compliance advice, monitoring and training in respect of all business distribution activities, both retail and institutional. The role will represent compliance in all retail an institutional distribution matters, including but not limited to the following: • Retail Customer Interests initiatives (including TCF) • Retail Product Development • Retail Joint Ventures (ICICL & Optimum)1 • Fund board and ACD reporting (including where appropriate AIFMD matters) • Retail Financial Promotions • Complaints & Ombudsman • Institutional distribution (including Investment Trusts, RFPs, private placement regimes, Hedge Funds)2 • Trustee & TPA relationships • Client Money (CASS / CMAR)3 • Gabriel Reporting 1 expected to account for no less than 20% of role. 2 expected to account for less than 15% of role. 3 CF10a to be held by the job holder, to be transitioned during 2017. You must possess a high degree of credibility and be someone who brings demonstrable leadership to this role and who will be proactive in advising the business regarding regulatory matters and overseeing business adherence to the letter and spirit of the applicable regulations. The jobholder will manage a team of 6-8 members of staff and be a member of the senior compliance management team. 1. COMPLIANCE OVERVIEW The Compliance team comprises approximately 28 employees (excluding the Global Head of Compliance) who oversee all business activities in the UK, Europe, the United States, Asia and Australia. The mission of the Compliance Department is to promote and encourage adherence to the regulatory obligations and rules to which the management and staff are subject. The aim is to assist the group in developing a culture where its business is conducted within both the letter and spirit of the applicable laws and regulations in the interests of our customers and to minimise the risk of reputational damage or regulatory sanction. In achieving these objectives we will manage relationships with our regulators, provide advice and guidance to our business partners, monitor the activities performed by the group and provide training when required. • Specific departmental functions are: • Providing training on regulatory issues; • Monitoring, assessing and reporting on business conduct and adherence to applicable regulations; • Advising on the continual development of appropriate procedures to manage and mitigate regulatory risk; and • Managing our external relationship with regulators. 2. KEY ACCOUNTABILITIES • To manage the Retail & Institutional Compliance team so that they provide an effective assurance function covering all activities falling under the Global Head of Distribution, and, where applicable, functions relating to Client Money and retail administration falling under the Chief Operating Officer. • To support the Global Head of Compliance in reporting on distribution matters to senior committees and boards, product boards and in all communications with the FCA or other regulators in respect of retail products or distribution activity generally. • To be the lead compliance officer for the Retail Joint Ventures • To be the lead compliance officer supporting product developments, including cross border management and distribution issues relating to UK and European funds. • To be proactive in ensuring that the business (including the Executive Committee “ExCo”) receives relevant training on regulatory issues (including the application of compliance policies) which may have an impact on the business. • To champion and embed a culture of effective management of regulatory risk within the business. • To keep abreast of new regulatory developments and rules, assess their impact the business and ensure appropriate action is taken; in particular developments relating to: o Retail Distribution Review o Product Life Cycle and TCF initiatives o Packaged Retail Investment Products (PRIPS) o Client Money o UCITS V and ESMA Guidance o AIFMD (marketing & disclosure aspects). o Update for relevant regulatory change projects (MIFID 2, PROPS, GFPR, Asset Management Market) o More US liaison (e.g. approval systems and polices will be global) • To ensure that the Distribution business area (including Product) champion and embed a culture of treating customers fairly and client centricity in a client-led and client focused business. • To ensure that Compliance policies and procedures are updated to meet the needs of the distribution teams and when regulatory changes arise. • To support and provide advice to global compliance teams on distribution and product matters. 3. KEY RELATIONSHIPS • Global Head of Compliance • Global Head of Distribution • Managing Director, Distribution • Head of Hedge Funds • Head of Investment Trusts • Head of EMEA Institutional Distribution • Chief Operating Officer • General Counsel and Head of Legal • Heads of Internal Audit and Operational Risk • External Auditors 4. KEY SKILLS AND COMPETENCIES These include; Leadership: sufficient leadership gravitas to demonstrate to internal and external stakeholders that the compliance function in respect of all Distribution activity is well led. Management: sufficient management experience and discipline to manage a compliance team focused on all Distribution activity. Technical expertise: technical expertise in the key regulatory issues and rule areas impacting Distribution, including but not limited to: - Systems and Controls rules - Conflicts - Financial Promotions and Private Placements - Inducements and the Retail Distribution review - Retail product development and TCF - UCITS and AIFMD - Client Money. Teamwork: the ability to work in multiple teams and leverage internal and external networks. Communication and gravitas: required to represent compliance to internal and external stakeholders. Problem solving: ensuring complex regulation and its impact are communicated effectively ensuring practical and efficient advice if provided. Change management: to anticipate regulator changes or business changes having regulatory impact and to communicate issues and remedial plans to the business.

Candidate Profile:

You will be well-educated and have a minimum of 10 years’ experience, including significant experience with retail products. You will currently be working for a major UK asset manager in a similar position Excellent Presentation, Managerial and communication skills are essential

Consultant: Jonathan Banjo


Consultant Email: jbanjo@ajbexecutivesearch.co.uk


Salary:Circa £130-150,000 Plus Benefits and Bonus


If you feel you are a suitable candidate for this position please contact Jonathan Banjo

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