Head of Operations

4 days ago

Riyadh, Ar Riyāḑ, Saudi Arabia وثيق المالية | Watheeq Capital Full time

The Operations Manager aims to ensure the efficiency and effectiveness of all operational processes related to investment funds, real estate funds, and Discretionary Portfolio Management (DPMs), while achieving the highest levels of compliance with the regulations of the Capital Market Authority (CMA) and the company's internal policies. This includes overseeing the execution of daily operations, streamlining operational procedures, enhancing the investor experience, and managing operational risks to ensure seamless and efficient business processes.

Additionally, the Operations Manager is responsible for developing and improving technological systems in collaboration with the IT department, ensuring their integration with the company's needs. Furthermore, the role involves managing relationships with regulatory bodies, banks, service providers, and internal teams to achieve the company's strategic objectives while strengthening operational controls and enhancing overall departmental performance.

Responsibilities

Operations Management and Compliance Oversight

  • Oversee the organization and management of operations related to investment funds, portfolios, and all client investment accounts by developing and implementing streamlined and executable operational procedures.
  • Approve and ensure the proper execution of operational processes related to client accounts in accordance with approved policies.
  • Supervise the inclusion and exclusion of clients listed on the Capital Market Authority (CMA) blacklist (AML) and ensure responses to all inquiries and correspondences from the authority.
  • Oversee daily monitoring of operations management activities, ensuring the presence of appropriate controls and procedures to comply with regulations and policies.

Investment Fund and Portfolio Management

  • Manage and approve all daily transactions for investment funds, real estate funds, and Discretionary Portfolio Management (DPMs), including valuation, Net Asset Value (NAV) calculation, management fees, and custodian fees.
  • Provide custody and settlement services for managed funds and their clients in compliance with CMA regulations and company policies.
  • Coordinate with department managers and external parties, including custodians and brokers, to ensure timely confirmation and execution of operations while addressing any settlement-related issues.
  • Review and establish client-specific portfolios, ensuring balance reconciliation and data accuracy.
  • Supervise the creation of new investment funds, including system fund setup, fund classification, and commission structure definition.
  • Ensure the execution of fund-related operational mechanisms complies with regulatory requirements.
  • Direct the finance department, through formal correspondence, to open separate accounts for new funds at approved banks and follow up on the registration of all relevant financial transactions.

Financial Oversight and Reporting

  • Approve fund disbursement orders after reviewing them with the finance department, ensuring their accuracy and execution in the system.
  • Review and approve periodic reports (weekly, monthly, and quarterly) and reports required by regulatory authorities.
  • Prepare reports requested by senior management and analyze data to support decision-making.
  • Review client reports related to data updates and ensure the timely dispatch of account statements and periodic reports to investors.
  • Supervise the distribution of profits and investment surpluses within the system, ensuring operations align with approved policies.
  • Coordinate with financial departments regarding client accounts and portfolio management fees, ensuring accurate calculations.
  • Prepare and submit monthly reports to the CMA regarding investment and private equity funds.

Fund Closure and Regulatory Procedures

  • Manage the fund closure process in coordination with relevant departments, ensuring compliance with regulatory procedures.
  • Ensure the proper execution of fund closure mechanisms, profit distribution to investors, and follow-up on client status post-closure.
  • Investigate any discrepancies in balances and take necessary corrective actions.
  • Oversee the utilization of Advent system to ensure financial data accuracy and seamless investment operations management.
  • Ensure the integration of Advent with other operational and technological systems, analyzing output data to improve performance.
  • Train the team on the optimal use of Advent, enhancing operational efficiency.

Compliance and Governance

  • Monitor compliance with CMA regulations and internal compliance standards, ensuring all operations align with regulatory requirements.

Banking Relations and Financial Services Management

  • Manage banking relationships related to the company's operations and oversee treasury functions to ensure maximum operational efficiency.
  • Coordinate with banks to ensure smooth management of client investment accounts and accurate financial transactions.
Required Qualifications and Skills for the Position

Academic Qualifications and Work Experience

  • Bachelor's degree in Business Administration, Finance, Economics, Accounting, or a related field (Master's degree in financial or administrative disciplines is preferred).
  • Minimum of 10 years of experience in operations management within financial and investment firms, with specific expertise in managing investment funds, real estate funds, and discretionary portfolio management (DPMs).

Professional Requirements and Licenses

  • CME-1 certification accredited by the Capital Market Authority (CMA) (mandatory).
  • Extensive knowledge of CMA regulations and guidelines related to fund and investment management.
  • Strong understanding of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) policies, as well as regulatory compliance requirements.

Technical Skills and System Knowledge

  • Proficiency in Advent system for financial and investment operations management, with the ability to analyze data and make operational decisions.
  • Advanced understanding of electronic trading platforms, custody and settlement systems, and financial risk management systems.
  • Experience in developing and enhancing operational systems in coordination with the IT department to optimize operational efficiency.

Leadership and Managerial Skills

  • Strong team management and employee supervision skills, with the ability to foster a high-performance work environment.
  • Ability to analyze financial and investment data and make strategic decisions based on available information.
  • Excellent communication and negotiation skills, with the ability to engage with investors, regulatory bodies, and service providers.

General and Additional Skills

  • Ability to manage crises and resolve operational issues swiftly and efficiently.
  • Strong strategic planning and operational process improvement skills to ensure compliance and achieve company objectives.
  • Fluency in Arabic and English (written and spoken), with the ability to prepare periodic reports and communicate with regulatory authorities and investors.
Seniority level
  • Executive
Employment type
  • Full-time
Job function
  • Management and Manufacturing
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