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Head of Hedge Fund Risk, Asia - Corporate and Investment Banking Hong Kong
January 5, 2020
Oversight and supervision of the hedge fund, clearing houses and counterparty risk team and carrying out core responsibilities as described below :
HF Credit assessment - Performing or reviewing hedge fund due diligences on a portfolio of funds, including the review of relevant documentation, analysing investment and operational risks, performing background checks, arranging and attending on-site due diligence meetings and drafting well-written, cogent, due diligence documents. Assist in opining on transactions and associated risks.
Clearing Houses assessment - Performing or reviewing clearing houses due diligences on a portfolio of Asian clearing houses, including both Credit Risk and Market Risk management and methodologies.
Approval - approving specific credit files and limits within the incumbent's own delegation and the associated credit ratings. Approving specific one-off transactions as required in the course of everyday business. Facilitating the approval of files that are to be escalated further.
Mitigation - Enforcing procedures designed to mitigate against losses in the event that a hedge fund defaults, including assisting in negotiating credit terms of legal documents (e.g. ISDA ATEs), negotiating and opining on Independent Amounts.
Monitoring - Maintaining up to date risk information and the ongoing monitoring of hedge fund performance and credit worthiness. Managing credit exposures in accordance with defined risk appetite. Following up on credit limit and policy breaches on hedge funds as well as clearing houses.
Market risk assessment - Assessing the Counterparty Risk on market activities in Asia, including the embedded wrong way risk, and ensure the homogeneity with the global metrics and methodologies set by the Head Office.
Modelling - Overseeing the people in charge of modelling the Credit Value at Risk of the exotic deal flow for Asia (split between Hong Kong and Bangalore).
The local HPC team will report into this role.
The incumbent would be expected to help improve the skills of these individuals, facilitate their peak performance, and help them become ready to take greater responsibility.
Act to ensure that front office requests are addressed appropriately and ensure that the prudent level of risk appetite set by senior management is kept in force to protect the Bank's capital.
The incumbent would hold a credit approval delegation in due course depending upon experience.
The incumbent will have responsibility for the setting of credit limits and the approval of certain types of trades.
The incumbent would help the team negotiate legal documents and guide the decision of whether to accept particular terms in context.
In addition, the independent opinions of the incumbent will be accounted for in a wide array of difficult, complex, hedge fund risk issues.
Key Internal Relationships: Sales, structurers, traders, and relationship teams, Legal team, collateral management, credit and market risk managers, model auditors and inspection.
The incumbent will be in contact with all aforementioned relationships on a frequent basis.
The incumbent would act as first level escalation for matters referred from or by supervised team members and should be prepared to intervene as necessary in complex matters.
Preferably experience in hedge fund credit or investment risk
Experience reading and understanding detailed covenants and clauses in legal documentation such as ISDAs, GMRAs, GTBs, term sheets, prospectuses etc.
Experience managing a team of professionals a strong advantage
Good knowledge of hedge fund industry in the Asia.
Knowledge of OTC derivative products and drivers of associated risks.
Knowledge of listed derivative products and drivers of associated risks.
Some knowledge of structured products, including repacks, CPPI, leveraged facilities, options on hedge funds, and prepaid forward transactions would be advantageous.
Good analytical/statistics skills; the person should understand means, standard deviations, correlation, normal distributions, sampling error, and basic performance statistics for the fund industry.
Intermediate to advance Excel, database, and Word skills highly desirable.
Self-starter able to meet deadlines and work independently as well as contribute to HPC team goals when required.
Good communication skills
Articulate orally and in written form.
Be comfortable meeting with very experienced hedge fund managers in person, be presentable and respectful.
The role of RISQ/RMA/HPC is to provide risk control services for hedge fund counterparties and investments, fund of fund counterparties and investments, and central counterparties risk management. In particular, it performs risk assessment, mitigation, approval, and monitoring processes for the Core Businesses at SG Group that transact with, clear for or invest in hedge funds, take collateral consisting of hedge fund shares, and central counterparties. The risk types that are within HPC's remit are credit, liquidity impairment and reputation risk resulting in credit losses.
In Asia, RISQ/RMA/HPC is also in charge of counterparty risk assessment and modelling for derivatives and repo transactions traded in the region, by delegation from the Global Risk Metrics department in charge of Regulatory and Economic metrics.
Whilst RISQ/RMA/HPC Asia is a service provider, its client is SG and by extension SG's shareholders. As such, (like all departments within the RISQ Division) it adheres to the philosophy of complete independence from commercial activities. In particular, it is a control function, not a support function to the business
We are an equal opportunities employer and we are proud to make diversity a strength for our company. Societe Generale is committed to recognizing and promoting all talents, regardless of their beliefs, age, disability, parental status, ethnic origin, nationality, sexual or gender identity, sexual orientation, membership of a political, religious, trade union or minority organisation, or any other characteristic that could be subject to discrimination.