Head of AIF Depositary

Founded in 1856, Banque Internationale à Luxembourg is the oldest multi-business bank in the Grand Duchy. From its foundation, the BIL has always played an active role in the development of the Luxembourg economy. It currently operates in retail, private and corporate banking, as well as on major capital markets. Employing more than 2 000 people, BIL is present in the financial hotspots that are Luxembourg, Switzerland, and China.

As a major player in Luxembourg's finance industry and as a signatory of the UN Principles of Responsible Banking, BIL is committed to handing over a responsible and sustainable bank to future generations.

Key objectives of the job:

• Implement and deliver the AIF Depositary strategy and in particular the business growth and the process automation.
• Manage and supervise BIL's overall AIF Depositary activity with accountability for the entire AIF Depositary services value chain.
• Develop high-quality service standards and ensure adequacy of BIL's depositary service offering with market demand and trends.
• Ensure compliance of procedures and processes with relevant regulation (e.g. AIFMD) and local laws and apply best practices.
• Represent BIL in the industry notably through the participation in industry thought leadership around AIF servicing.

  Deliverables and key activities:

•  Manage the AIF Depositary team which:

1. oversees the day-to-day contacts with the AIF clients and which performs tasks such as on-boarding of new clients, second level control of transactions and follow-up of the AIFs' structures,
2. serves as a point of contact for the AIFs' service providers (AIFMs, Central Administrations, law firms…) 
3. carries out tasks such as the execution of transactions, cash flow monitoring, ownership verification and review of net asset valuations, due diligences on the AIFs' service providers…
4. performs oversight duties in general and in accordance with applicable regulation (e.g. AIFMD) and industry best practices.

• Grow the business in an industry environment where volume and critical size are essential to remain competitive. 
• Play a key role in the client acceptance process and be a member of BIL's AIF Depositary Committee.
• Ensure escalation of all relevant issues to management and / or said AIF Depositary Committee and undertake remedy / settlement actions.
• Continuously improve the risk management framework and prepare as much as possible for regulatory developments. Contribute to IT and other projects.
• Contribute to:

1. the continuous enhancement of BIL's depositary set-up, its expertise and asset servicing capabilities,
2. the development of new and existing client relationships and the x-selling to AIF clients of BIL's full-fledged value proposition.

• Provide commercial and risk reporting to said AIF Depositary Committee and BIL's management based on appropriate KPIs.
• Be an active member of ALFI, LPEA, LuxReal and other industry working groups focusing on AIF-related topics and represent BIL in the Lux professional circles in general.

Your skills: 

• At least 10 years in the banking/fund industry and at least 5 years of managerial experience.
• University degree Bac +5 (finance, business administration, audit, legal) or equivalent professional experience
• Fluent in English, any other language is considered an advantage
• Extensive knowledge of:

1. Banks' organisation and activities, workflows, operational risk management processes / tools and challenges,
2. financial products and services such as depositary services, daily banking, fund financing, cash / treasury management solutions, securities (transactions, safekeeping…), financing and capital markets solutions.
3. the AIFMD regulation and the legal and regulatory framework,
4. the ins and outs of alternative asset classes such as Private Equity, Private Debt, Real Estate and Infrastructure,
5. operational risk assessment and monitoring, enhancement of processes and procedures,
6. the drivers of the European fund industry.  

• Team player with an entrepreneurial spirit and a highly supportive attitude.
• Strong presentation, interpersonal and communication skills (verbal and written).
• Strong analytical skills as well as conceptual and strategic thinking.
• Strong network in Luxembourg and Europe with the fund and asset servicing industries.

BIL offers a broad range of challenging projects and a huge choice of career paths .We will assist you in finding the one that best meets your skills and expectations. Your personal development is our priority and we greatly encourage you to dive into different business areas for the broadest possible experience.

BIL is firmly of the opinion that diversity & inclusion contribute towards increasing the collective performance of the Bank. We are committed to creating a culture of inclusion that encourages individual development with equal opportunities for all.

NB: The selected candidate will be asked to provide an extract from the criminal record (no.3) as evidence of integrity and justified with regard to the specific needs of the position to be filled. Other documents will be collected, to the extent legally permitted, to perform background checks.

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