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Operations Specialist in Lynn, MA at Eastern

Date Posted: 11/23/2018

Job Snapshot

  • Employee Type:
  • Location:
    Lynn, MA
  • Job Type:
  • Experience:
    3 to 5 years
  • Date Posted:

Job Description

New and distributing account processing – Initiate security receipts and deliveries and accurately post to trust accounting system to ensure proper tax reporting and performance measurement.  Involves the review of legal  requirements, use of multiple custodians’ computer systems, and communication with account officers and custodian personnel.
Income collection – Post to each client account all dividend and interest payments on the day received from the custodians.  This highly automated process involves the use of multiple interfaces from pricing vendors, custodians, and trading vendors and requires a thorough understanding of income entitlements and how they are affected by trades, free receipts/deliveries, and foreign tax regulations.
Corporate action processing – Post corporate actions in a manner that is timely and properly reflects tax obligations.  Complex involuntary actions require a sophisticated understanding of the trust accounting system and tax processing. May require interaction with tax vendor. 
Securities Trading and Settlement -   Electronically execute security trades and ensure settlements are posted accurately and timely.  The process involves running various interfaces to and from brokers and custodians and reconciling to the trust accounting system.  Typical daily trade values exceed $1 million.
Security master setup – Accurately establish security masters that contain a variety of fields that control how trades are executed , income is calculated, performance is measured, and taxes are reported.  The impact of a setup mistake can be far reaching and time consuming to correct.  The task involves an intricate knowledge of the differences between security types as well as the interaction of fields in the trust accounting system.
Class action processing – File class action claims and properly allocate proceeds.  Allocations typically require the use of spreadsheets to control the calculation of entitlement tranches.

Job Requirements

Education and Experience:
Bachelor’s degree preferred and/or 3 to 5 years of business experience in a trust operations or trust administration position.     
Some knowledge of Trust Operations; knowledge of trust accounting systems; working knowledge of electronic interfaces with various trading, settlement, and cash movement systems; working knowledge of account administration; rudimentary understanding of investment and tax processing.
Skills/Knowledge (Include licenses, registrations or special skills, such as typing, programming languages, etc., required to perform the job.)
Candidate must demonstrate an understanding in at least half of the items listed below and be familiar with the others:
•        Securities trading and settlement
•        Securities income collection
•        Corporate action and class action research and control
•        Cash management
•        New and closed account processing
•        Cash disbursements by wire, check, and ACH
•        Fee revenue processing
•        Pre-paid funeral trust administration
Must be able to clearly and professionally communicate with internal staff and external vendors, analyze and resolve processing challenges, work well in a team environment, meet strict time deadlines, and meet service level