Job Description
Our Company
State Street Corporation (NYSE: STT) is the worlds leading provider of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $25.74 trillion in assets under custody and administration and $2.15 trillion in assets under management as ofJune 30, 2013, State Street operates globally in more than 100 geographic markets and employs 29,225 worldwide. For more information, visit State Streets website at www.statestreet.com.
Promoting a culture of excellence
With more than 29,225 employees across 29 countries, at State Street, our people are our greatest asset. We recognize that highly skilled, engaged and productive employees are essential to our success. Our company values reflect our commitment to employee engagement, Global Inclusion and corporate social responsibility to help you build a fulfilling career. Around the world, we aim to be an employer of choice by offering competitive compensation and benefits, personal and professional development opportunities, and a work environment that promotes a diverse array of people, ideas and skills.
Were a company that insists on, and rewards, performance excellence. We know our success hinges on attracting the best people to join us people like you.
State Street supports flexible work arrangements where determined feasible, consistent with business and operational needs. Subject to an individualized assessment of theseconsiderations, roles may be identified as potentially suited for a flexible work arrangement. Requests for a flexible work arrangement can be made upon hire. All employees at State Street have the ability to request flexible work arrangements, with the final decision based solely on business discretion and subject to management approval. More information is availablehere.
We encourage you to explore the possibilities that a career at State Street can offer you.
State Street is an Affirmative Action/Equal Opportunity Employer. Applicants are considered for all positions without regard to race, color, religion, national origin, ancestry, ethnicity, age, disability, sexual orientation, gender, gender identity, citizenship, marital status, domestic partnership or civil union status, familial status, military and veteran status or other characteristics protected by applicable law.
Support and assist Client Operations and other operational Shared Service teams/COEs by monitoring and processing custody related events to the funds records accurately and timely. Ensure prompt follow up on exception situations and facilitate timely problem resolution to mitigate risk to the corporation and deliver excellent service to clients.
Overall Responsibility
Reviews and validates all daily activity in an accurate and timely manner, and maintains all required controls to ensure overall accuracy
Undertake routine tasks related to the monitoring and processing cash and custody events
Work in conjunction with individuals on the team, other shared services/COEs, India and Client Operations to ensure seamless processing of cash and custody events according to the funds policies
Support the research and resolution of exceptions and inquiries related to cash and custody events
Calculate cash availability in accordance with performance standards and client deadlines
May provide cash forecasting for clients based on a set of criteria described by the client and/or Investment Manager
Process all actual cash movements in the funds
Process cash sweep and short term investment transactions (repo, commercial paper)
Post share and cash movement for subscriptions and redemptions
Post cash receipt/disbursement entries to custody and accounting records
Process all income inquiries and research unpaid items by deadline
Research and verify all interest variances and ensure that all pay downs are processed in a timely manner
Process expense payments and check requests as instructed by client
Reconcile custody to accounting cash & share records. Document all exceptions and clear exceptions by deadline. Elevates exceptions as required
Resolve discrepancies with Transfer Agent
Monitor all overdrafts and ensure that overdraft compensation is collected on a timely basis. Ensure that cause of overdraft is accurately communicated, while elevating potential issues to management
Process trade settlement information within deadlines and comply with all FTTOP requirements
Book trades accurately and in a timely manner. Communicates fail trade information as directed. Reconcile outstanding items
Process collateral/assets segregated as instructed
Perform all weekly and biweekly proof activities
Maintain records in support of audits
May be required to communicate with clients to support FTTOP and trading process
Remain familiar with back-up procedures when system applications and/or transmission problems arise
May be required to perform other duties as required
Job Requirements
Bachelors degree with business related coursework preferred. B.S. degree in Accounting or Finance preferred
0-1 years of related custody and/ or fund accounting experience preferred
Typically vocationally qualified with some, but limited, work experience
May be continuing education in business skills
Will be assigned tasks and work to established procedures; work is subject to review by others
Responsible for performing daily processes accurately and in accordance with defined time frames and client requirements. May have daily contact with Client Operations, COEs and BU Shared Service teams. Consults with manager where clarification or exception to policy may be required
0-1 years experience in accounting, finance, mutual fund operations, loan servicing or related careers (preferred). Skills: Strong computer competence (Microsoft applications {Excel, Word etc.}, aptitude for math, interpersonal skills, oral communication skills, multitasking capability, ability to work under pressure/deadlines driven environment
Country: USA, State: Massachusetts, City: Boston, Company: State Street Bank.
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