Alternative Investments Due Diligence Manager
Full Time
San Francisco, CA
$65,300 - $133,500 a year
Posted
Job description
Your Opportunity
Schwab Charitable is an independent public charity created to help increase charitable giving in the United States by offering the flexible giving solution of a donor-advised fund account. A donor-advised fund account is a simple, efficient, tax-smart investment account designed specifically for charitable purposes that offers clients and advisors a simple and streamlined way to give, invest and grant effectively. We are a leading national donor-advised fund provider—having granted out to over 123,000 charities since inception on behalf of our donors.
At Schwab Charitable, we believe people have an inherent desire to give and that investing and giving when done together can empower us to make a real difference in the world. We make it easy to integrate charitable giving into clients’ financial planning and wealth management strategies. We believe that if our clients apply the same thoughtful strategy to their giving and philanthropy that they apply to their finances and investments, they will be happier and more fulfilled donors. Through our uniquely integrated approach, access to online resources and the team of charitable specialists, we offer the tools, guidance, and relationships to help donors give more to the charities that matter most to them.
Schwab Charitable operates as an independent charity but is closely affiliated with and enjoys the support of Charles Schwab & Co, including contractual agreements to provide a variety of services. This position will be an employee of Charles Schwab & Co. and will be subject to its human resources and risk policies and procedures but will report to and be accountable to Schwab Charitable for day-to-day activities.
What you are good at
This position, which reports to the Senior Manager of AI Due Diligence of Investment Oversight & Due Diligence Team, is chiefly responsible for ensuring legal and regulatory compliance of Schwab Charitable’s alternative (private fund) investments. We are seeking a highly motivated individual with investment knowledge, analytical and organizational skills, compliance experience and a natural inclination for attending to details. This position will be mainly responsible for conducting due diligence and risk review of Schwab Charitable’s alternative investments. This role requires you to interact thoughtfully with sophisticated investment advisors, clients and with multiple internal roles, including senior management.
Responsibilities include the following:
Alternative Investment (“AI”) Compliance Review
- Process AI purchase/contribution recommendations from advisors
- Collect required AI due diligence documents for each recommendation
- Conduct AI due diligence review on proposed AIs and prepare AI Risk Assessment Reports for Senior Investment Oversight Manager and executive management review and approval, including the following:
- Review legal documents and subscription documents of proposed AIs to ensure appropriate terms & conditions, controls, accounting oversight, conflict mitigation, investor protections, regulatory oversight and risk mitigation
- Work with advisors to document/address unusual issues during due diligence review process
- Identify and evaluate the risk of each proposed AI
- Summarize the results of due diligence review, findings, and any policy/regulatory exceptions
- Monitor and lead AI correspondence and quarterly/annual AI updates to ensure ongoing policy compliance
- Maintain AI records - ensure files are complete, well-organized and documented for quick retrieval
- Conduct annual review of SCF AI positions to ensure funds are still compliant with policies and regulations and the risk assessment is accurate.
What you have
Required Skills:
- Bachelor’s degree required
- Strong understanding of investment industry required
- Strong experience in conducting investment compliance activities required
- Experience with and proven understanding of investments and of investment performance reporting and analysis required
- Strong PC skills, including mastery in Excel spreadsheet, macro and database applications
- Minimum 6-8 years’ experience, with at least 4 in financial services or related industry
- 3-5 years’ experience as a regulatory examiner to AI funds, or in operational roles at an AI manager or fund-of-funds, or at a key service provider to AI firms including public accounting, investment consulting, or fund administration.
- Competency in a wide range of investment styles, strategies and security types
- Experience in investment firm, consulting or advisory firm
Preferred Skills:
- CAIA, CFA, or CPA designation, or post-graduate degree strongly preferred
- Understanding of AI industry strongly preferred, including a wide range of investment styles, strategies and security types
- Experience in AI custody/operations, accounting, or regulatory experience strongly preferred
- Experience in conducting initial and ongoing due diligence on investment advisors and funds, including private funds strongly preferred
- Investment experience at a foundation or endowment preferred
Competencies:
- Highly organized; able to handle multiple processes effectively
- Demonstrated strength in planning and execution of multiple projects
- Commitment to excellence and strong attention to detail
- Self-starter with strong ability to analyze, research and resolve problems
- Excellent oral, written and presentation skills, including ability to communicate effectively with senior management, peers and outside parties, including clients and sophisticated investment advisors
- Great teammate
- Critical thinker with ability to react to changes in regulatory, market and business climate
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