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Associate, Investment Operations (MBS)

Cerberus • Full-time • New York, United States of America • 2w ago

About Cerberus

Founded in 1992, Cerberus is a global leader in alternative investing with approximately $67 billion in assets under management across complementary credit, private equity, and real estate strategies. We invest across the capital structure where our integrated investment platforms and proprietary operating capabilities create an edge to improve performance and drive long-term value. Our tenured teams have experience working collaboratively across asset classes, sectors, and geographies to seek strong risk-adjusted returns for our investors. For more information about our people and platforms, visit us at www.cerberus.com.

What is Investment Ops?

The Investment Operations team provides trade and operational support to over 40 different Lines of Business. We create significant value across the Firm’s investment strategies and infrastructure functions by providing data analysis, reporting, and by developing solutions to complex operational hurdles to allow the business to achieve its goals. We adapt to dynamic business requirements by combining product expertise, technology, and a flexible, data-driven approach.

What is MBS Ops?

The MBS Operations team works as part of the broader Investment Operations team to specifically support the Firm’s Residential and Commercial Mortgage-Backed Securities desks. The team works closely with the MBS desks on daily trading activity, securitizations, re-securitizations, repo financing, bespoke financing facilities, and portfolio hedging. The MBS strategies are some of the Firm’s most complex areas, relying on a high-performing team of Operations professionals to support the business needs.

Responsibilities & Deliverables:

Maintain the entire lifecycle of products traded across the MBS trading desks. Products include MBS, mortgage whole loans (RPLs and NPLs), US Treasuries, equities, financing arrangements (repo, bespoke facilities), and derivatives (Interest Rate Swaps, Futures, Credit Default Swaps, Swaptions, FX Forwards, etc.). Specific responsibilities include:
- Trade entry into the firm’s Order Management and Accounting systems.
- Booking and reconciling position maintenance events (paydowns, remittance, corporate actions, coupon rate updates, swap resets, CMBX rolls).
- Ensuring proper settlement of all trading activity on the street.
Working with the trading desks, other CCM infrastructure functions, and third parties to close unique deals. These include mortgage securitizations, resecuritizations, CDOs, and other bespoke financing facilities.
- Producing and tying out a Flow of Funds schedule for new deals
- Working with internal Tax group and external counsel on proper legal structures for new deals
- Liaising with financing counterparties to repay old financing and obtain new financing
- Liaising with trustees, prime brokers, and escrow agents to ensure proper settlement.
Working with fund administrators, prime brokers, and counterparties to perform critical reconciliations.
- Month end position and PnL tie-out with fund administrators to close the books.
- Daily trade reconciliation with prime brokers.
- Derivative roll tie-outs with OTC counterparties
- Reconciliation of all book and street cash activity in the firm’s cash reconciliation system.
Work with the Investment Operations and Business Optimization teams on various projects aimed to automate / improve current processes.
Liaise daily with the trading desks to assist with all ad-hoc requests, including P&L analysis, liquidity analysis, etc.
Document non-standard trades, allocation errors, and participations for the firm’s allocation committee. Create standard fund allocations and hedge allocations.
Maintain meta and financial data in our Data Warehouse Management system and build Data Warehouse reporting leveraging this information.
Ad-hoc project ownership.
Monitor daily/weekly/monthly checks and assist in development of new checks to manage operational risk.

Key Requirements:

B.S. or Master’s degree in finance, accounting, economics, or a related field.
Experience working with the various financial products described previously in a middle/back office capacity.
Technical skills: MS Excel, other MS Office programs
Useful technical skills: programming languages (Python, VBA, SQL), Visual Portfolio Manager, Bloomberg terminal.
Familiarity with accounting concepts. Experience with SPV structures.

The base salary for this position is expected to be between $105,000.00 and $125,000.00. The base salary offered to the chosen candidate will be commensurate with a candidate’s relevant experience and other qualifications for the position, as determined by the Company in its sole discretion. In addition to base salary, this position is eligible for an annual discretionary bonus[, which is often a meaningful portion of the compensation package,] and a robust benefits package.

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Trade entry into the firm’s Order Management and Accounting systems.

Booking and reconciling position maintenance events (paydowns, remittance, corporate actions, coupon rate updates, swap resets, CMBX rolls).

Ensuring proper settlement of all trading activity on the street.

Producing and tying out a Flow of Funds schedule for new deals

Working with internal Tax group and external counsel on proper legal structures for new deals

Liaising with financing counterparties to repay old financing and obtain new financing

Liaising with trustees, prime brokers, and escrow agents to ensure proper settlement.

Month end position and PnL tie-out with fund administrators to close the books.

Daily trade reconciliation with prime brokers.

Derivative roll tie-outs with OTC counterparties

Reconciliation of all book and street cash activity in the firm’s cash reconciliation system.

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