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Operational Services Associate

Amalgamated Bank of NY
New York, NY
  • Posted: over a month ago
  • Full-Time
Job Description

Amalgamated Bank seeks a highly motivated Operational Services Associate to be responsible for supporting a wide array of operational processes in the Trust Middle Office. This includes managing the administration of Shares Held Elsewhere (SHE) assets, transition services, cash movement, securities lending and benefit payments. Often, the Operational Services Associate will act in a lead capacity to make appropriate determinations on funding, Letter of Instruction (LOI) sequencing and resolving complex client and investment manager issues. The associate will perform other duties in the Trust Middle Office to support the evolving workload of the department.

Essential Job Functions:

  1. Act in a lead capacity to analyze Letter of Instructions (LOIs) received by clients, consultants and investment managers
  2. Determine appropriate sequencing of LOIs to ensure investments, redemptions, and cash moved is executed according to spirit of the instruction
  3. Review and approve entry of trades for DTC, FED, and mutual funds. Pre-balance next day trade activity and make determination whether early redemptions are necessary to fund activity
  4. Responsible for all aspects of cash movement (checks, wires and ACH) including instruction authentication. This includes Shares Held Elsewhere (SHE) assets.
  5. Responsible for asset transitions, including providing data and the timetable for the free receipt or free delivery of DTC and FED eligible securities, NSCC eligible mutual funds, and SHE assets. Communicate the cost basis of transferred assets.
  6. Managing SHE assets from custodians or investment managers, review statements for changes in units held, submit periodic prices or cost adjustments, as necessary.
  7. Review Oversight over incoming and outgoing cash transfers on investment management accounts, ensuring adherence to requirements including minimum balances
  8. Ensure timely and accurate posting of all securities and cash related transactions
  9. Support DC37 and other forms of benefit payments, including but not limited ensuring all payments are funded and processed, database records are updated, GL entries are identified and processed, and tax forms are distributed.
  10. Work directly with the appropriate staff at FIS to resolve operational issues, escalating as necessary.
  11. Act as a primary contact with Investment Managers to ensure timely execution on all trades initiated on behalf of the fund.
  12. Cross train on other functional areas of the Trust Middle Office, providing support as requested
  13. Annual participation in career development planning.
  14. Perform other duties as required.

Knowledge, Skills and Experience Requirements:

  1. Bachelor’s degree or equivalent work experience
  2. Proven track record of ability to think critically and independently
  1. Direct experience with or working knowledge of securities lending and benefit payments
  2. Strong proficiency with excel. Ability to development and manage complex spreadsheets using advanced formulas, models and macros
  3. Thorough understanding of Depository Trust Company procedures, settlement practices
  4. Product knowledge of equities, indexed funds, financial futures; including the futures delivery process
  5. General knowledge of automated system processing as applied to equities, fixed income, financial futures and options
  6. Comprehensive knowledge of the accounting principles, reconcilement process and operational requirements relevant to equities fixed income, financial futures and options
  7. Excellent communication (written/verbal) and presentation skills

Amalgamated Bank is an Equal Opportunity and Affirmative Action Employer, Minorities / Females / Individuals with Disability / Veterans. AmeriCorps, Peace Corps and other national service alumni are encouraged to apply. View our Pay Transparency Statement. Submission of a resume or any information regarding your qualifications does not constitute a promise or offer of employment. At Amalgamated Bank, we consider an applicant to be someone who has interviewed at least once, in person, with the hiring manager. Amalgamated Bank does not sponsor applicants for work visas.

As part of our commitment to health and safety, all team members currently working in our office space are required to show proof of vaccination. To be considered for any position at Amalgamated Bank where permitted by applicable law (including any applicable reasonable accommodation, medical or religious exemption), candidates must have received the COVID-19 vaccine prior to their start date. Upon commencement of employment, new team members must provide proof that they have been fully vaccinated against COVID-19.

Amalgamated Bank of NY


New York, NY
10001 USA



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