MSRP-Investment Associate – Multiple vacancies

State of Maryland•Baltimore City, MD

6d•Onsite

About The Position

The Maryland State Retirement Agency is seeking multiple Investment Associates to join the Investment Division. These are entry-level investment positions that contribute to the decision-making process and support investment staff in derivatives trading. The role involves supporting investment transactions, including cash management and internal trading, performing analysis of derivatives' profit or loss, and ensuring the integrity of the investment administration and operations framework. The position reports to the Director and Managing Director of Investment Administration and Operations.

Requirements

Graduated from an accredited four-year college or university with a bachelor’s degree.
Applicants can substitute a minimum of four years of relevant investments or finance for the required education qualification.

Nice To Haves

Experience in investment operations at a pension, endowment, foundation, or other institutional investment organization.
Strong quantitative analysis and research skills for researching and developing workflow models.
Experience with investment operational processes in multi-asset portfolios including derivatives, collateral management, fixed income, and equities.
Knowledge of collateral management process, AANA calculations, margining, settlements, Bloomberg account set ups.
The capacity to use critical thinking and system thinking to solve problems for investment operations.
Strong financial modeling skills with a focus on modeling investments.
Strong communication skills.
Demonstrated ability and willingness to be collaborative across the division.
Ability to understand and operate within a strong governance and compliance culture.

Responsibilities

Implement tasks and outcomes to support investment transactions with respect to investment administration and operations, including cash management and internal trading.
Perform analysis of derivatives' profit or loss.
Ensure the integrity of the established investment administration and operations framework, that policies and procedures are implemented as intended, and that an awareness of the rules, laws, and regulations exists.
Perform all tasks in support of the System’s listed and over-the-counter (OTC) derivatives trading, including analytical and other work in support of the decision-making process.
Provide valuations to relevant stakeholders.
Reconcile performance of the derivatives versus that of the System’s counterparties and System’s custodian.
Manage System’s risk versus System’s derivatives’ counterparties.
Ensure timely accuracy and integrity of all relevant data within all relevant systems.
Monitor and aggregate AANA and UMR related data.
Monitor and advise investment staff of requisite actions during the life-cycle of each derivatives’ position or related positions.
Ensure efficient flow of relevant derivatives data across all systems, working with System’s IT staff and that of counterparties, custodians, and vendors.
Serve as an SME on negotiated terms with each counterparty or FCM.
Determine and execute which collateral to post for certain derivative transactions.
Manage collateral portfolio to ensure securities within the collateral portfolio are eligible.
Calculate System’s all related to derivatives positions.
Monitor agreed-to thresholds.
Manage collateral, provide instructions, communicate notices, and work with the Investment Operations team to execute required cash, non-cash movements, or substitutions of collateral securities.
Establish a process of collateral management life cycle by collaborating with the custodian and the investment division, working toward internalization of collateral management.
Compare various collateral management avenues and present them to senior stakeholders.
Create a process to manage and track collateral across derivative portfolios.
Research and update processes based on research.
Manage securities’ lending eligibility status of counterparties posted collateral.
Advise investment staff of any cash or non-cash collateral changes.
Manage relationships with counterparties, their custodians, mid and back offices.
Calculate performance (e.g., pair trades, directional trades, etc.).
Provide valuations to custodians, counterparties, and other stakeholders as needed.
Work with the System’s custodian and collaborate with internal Risk Management and Compliance on all aspects of derivatives trading, including control measures.
Manage broker onboarding and relationship management.
Manage Derivatives Agreements.
Liaise between the broker, traders, MS, and lawyers to agree on rates and get signatures.
Track trades and give-up trades to make sure they are in the correct account.
Reach out to the appropriate party to correct allocations if needed.
Track margin calls and confirm if margin calls are legitimate.
Email MS to rectify any incorrect margin calls.
Work with the brokers to set up accounts in AIM.
Connect operations to brokers to set up SSIs in BB.
Track any FX deficits in accounts and alert traders to cover any shorts.
Cover any USD shorts in SEC/SEG accounts.
Post and recall non-cash collateral at MS.
Move securities and keep track of securities at SS.
Track coupons and move the coupons back to the original account.
Verify options trades are reflected in the correct account.
Perform commission reconciliation for options.
Monitor and manage margin calls for options.
Recall collateral from options accounts when necessary.
Send trade open and close templates to SS for swaps.
Track daily cash flows for swaps.
Exchange cash flows during resets for swaps.
Manage account setup and broker onboarding for swaps.
Forecast the probability of margin calls for futures to help with cash management.
Track margin calls for futures.
Test various models to get the best approximation for futures margin forecasting.
Work on automation projects such as M4PM Aladdin cash file, MS Interest tracking, MS coupon tracking, MS payment and recall tracking, and other assigned projects.
Collaborate with Investment Operations to facilitate trade cycles, corporate actions, settlements, and resolution of trade disputes, etc.
Monitor and provide support to cash management, including wires, reconciliation, recording, and corresponding with financial institutions.
Work closely with the Director of Investment Operations to ensure efficient processes are in place for trading derivatives and other cash products.
Manage accurate derivatives-related data within the System’s trade order management system.
Ensure relevant data is accurate at counterparties, custodian(s), and vendors’ risk management/compliance systems.
Reconcile valuation with external counterparties.
Perform AANA, UMR related calculations, and verify those of custodians, counterparties, or vendors.

Benefits

Medical insurance
Dental insurance
Prescription coverage
Generous paid leave
Participation in the state pension system
Supplemental retirement savings options (401(k), 457(b), and more)
On-site fitness center with showers and lockers
24/7 building security
Easy access to restaurants, shops, public transit, and major highways
Personal Leave - six (6) personal days annually (prorated based on start date)
Annual Leave - ten (10) days of accumulated annual leave per year
Sick Leave - fifteen (15) days of accumulated sick leave per year
Parental Leave - up to sixty (60) days of paid parental leave upon the birth or adoption of a child
Holidays - at least thirteen (13) holidays per year
Pension - State employees earn credit towards a retirement pension