Director, Private Asset Center of Excellence (CoE)

Director, Private Asset Center of Excellence (CoE)

Insurance General Account Portfolios

Full-Time

New York, NY, Boston, MA or Springfield, MA

The Opportunity

We have an exciting transformational opportunity for a Director, Private Securities Center of Excellence (CoE) managing private investments within the Insurance General Account Portfolios.

The team functions alongside other Centers of Excellence in Mortgage, Public and Bank Loan Securities and has opportunities to contribute to the development of the Operations organization. This role offers an opportunity to be part of the team enabling administering over $250B of General Account (GA) portfolio operations end-to-end; through partnering with investment management, middle-office data management and technology teams; actively monitoring exposures; managing risk; and managing a team of specialists. Private credit investments  makes up the a significant portion of the GA portfolio and has provided significant benefits to MassMutual for many years, both directly through ownership and indirectly through attractive lending opportunities that arise from these relationships. This leadership role will set direction for the team, contribute to the development of the vision, influence refinement of operating model and processes, and be a subject matter expert for operational matters. The Director plays a key role in the execution of projects to scale, automating and streamlining processes within the CoE. An additional critical responsibility is to manage resource planning and capacity analysis to utilize onshore and offshore teams to effectively deliver objectives for the CoE.

The position will report to the Investment Management Operations Head of Transactions CoE. In this role, you will work with key stakeholders including affiliated and third-party asset managers, third-party administrative service providers, controllership organization and the investment management leadership team. You must also have an ability to understand  of accounting requirements at a high level related to trade classifications and treatment of assets within Accounting Book of Record downstream reporting and tax implications. You must also be able to understand cash clearing account reconciliation metrics at a high level. Lastly, you will be expected to become the subject matter expert for private securities processing with full ownership and a thorough understand of the end-to-end model.

The Team

The team you will be managing is spread across Boston, MA, Springfield, MA and New York, NY meaning you can be primarily based in any of these three locations, provided you are willing to travel to the other two as needed. The team also includes a substantial offshore component.

Investment Operations extends from relentlessly focusing on stakeholder satisfaction, to accelerating the adoption of automated, digital transaction processing and self-service tools.  To this end, the team leverages technology and data to both reshape investment operational support and deliver differentiated stakeholder experiences.

The Impact

• Lead direct and indirect teams to monitor a large book of private investment  positions and transactions and to provide cash match and reconciliations with MassMutual investment and accounting book of records
• Enable the teams to provide seamless operational execution on cash and securities transaction processing on third party and affiliated managers’ transactions, exception resolution and query management
• Collaborate with data team and third-party asset managers and service providers, escalating trade operational issues and problem solving  
• Participate in discussions with critical stakeholders and enablers, including CFO/Controllership, IM Product Owners, Technology (ETX) to define operating model, enable improvement projects and initiatives, digitizing and automation efforts to improve operational performance
• Establish and manage the CoE with key operating metrics and utilize an outcome-based performance and efficiency improvement
• Monitor work queues and ensure critical deliverables are met on time and with quality
• Lead/Manage multiple business teams across multiple locations
• Cultivate and develop both associates and the direct management team
• Be the escalation / point of contact for the team and for broader investment management and operations team
• Manage external public bond administration partners and measure performance using service levels agreements

The Minimum Qualifications

• Bachelor’s degree in finance, accounting, technology, or a related field
• 8+ years investment operations, finance/accounting experience in private finance equity or securities structures with the ability to assess and ensure compliance with GAAP and trade requirements
• 2+ years’ experience in portfolio accounting and administration

The Ideal Qualifications

• Experience working with private securities vendors
• The ability to lead and manage projects from initiation to completion, ensuring timely and effective execution, and implement quality management to drive change initiative effectiveness
• Proficiency in financial software and project management tools
• Demonstrated experience developing, leading and managing a diverse team, fostering a collaborative approach and strong partnership with a focus on attracting, developing and retaining talent
• Excellent problem-solving skills, excellent attention to detail, and a numerate, analytical approach are crucial
• Prior experience in fund level accounting with real estate accounting or software systems
• Strong written and verbal communication skills coupled with good commercial foresight
• Able to work effectively and collaboratively within a small, dedicated team but also a large local platform
• Ability to meet multiple deadlines leveraging cross-functional teams with little direct supervision
• Committed to delivering the highest quality work product. Self-motivated, hard-working and operates with a sense of urgency and a strong attention to detail
• Demonstrated ability to drive process improvement and efficiencies through innovation and collaboration with colleagues and service providers.
• Experience with cash clearing account reconciliation.
• Certification in accounting or project management (e.g., CPA, PMP)

What to Expect as Part of MassMutual and the Team

• Regular meetings with the Investment Team
• Focused one-on-one meetings with your manager
• Access to mentorship opportunities
• Networking opportunities including access to Asian, Hispanic/Latinx, African American, women, LGBTQ, veteran and disability-focused Business Resource Groups
• Access to learning content on Degreed and other informational platforms
• Your ethics and integrity will be valued by a company with a strong and stable ethical business with industry leading pay and benefits

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MassMutual is an Equal Employment Opportunity employer Minority/Female/Sexual Orientation/Gender Identity/Individual with Disability/Protected Veteran. We welcome all persons to apply. Note: Veterans are welcome to apply, regardless of their discharge status.

If you need an accommodation to complete the application process, please contact us and share the specifics of the assistance you need.