Associate Director - Economic Substance

Waystone leads the way in specialist services for the asset management industry.

Partnering with institutional investors, investment funds and asset managers, Waystone builds, supports and protects investment structures and strategies worldwide.

With over 20 years’ experience and a comprehensive range of specialist services to its name, Waystone is now serving assets under management in excess of $2Tn.

Waystone provides its clients with the guidance and tools to allow them to focus on managing their investment goals with confidence.

Summary: The Associate Director will work closely with the Managing Directors, Executive Directors, other Directors and employees to support the clients with their needs.

Essential Duties And Responsibilities

• Help oversee the Cayman risk reporting element of the Economic Substance solution.
• Help manage key relationships where WAM acts as Management Company ensuring new entities are added seamlessly to the platform and all relevant reporting deadlines are met.
• Review and assessing potential new business including detailed review of transaction documents and preparation of fee quotes within Salesforce.
• Help with the onboarding process for new mandates.
• Perform detailed review of all documentation and communications for assigned portfolio of clients and demonstrate an in-depth understanding of the issues at hand and complete awareness of Waystone procedures.
• Implement a strategy to deliver Economic Substances solution in accordance with the appropriate regulations.
• Ensure appropriate policies and procedures are in place to operate a SIBA-Licensed Entity in Cayman.
• Ensure all regulatory and compliance requirements are met for assigned portfolio of clients, including with Economic Substance Act.
• Liaise with investment advisors to implement appropriate strategies to ensure adequate substance is established in Cayman, with a focus on investment advisors in Asia.
• Assist with designing, implementing and overseeing internal controls and operating procedures.
• Assist with internal compliance monitoring and internal audit procedures as needed.
• Review of investment management fees for portfolio of funds in line with their constitutional documents.
• Presenting Risk Reports at Board Meetings where required.
• Work with other Cayman departments to ensure clients’ expectations are met holistically.
• Evaluate the risk involved in each situation and prioritize risk levels appropriately.
• Keep abreast of all regulatory changes.
• Actively question methods and processes with the key to making the team more effective and efficient.
• Thoroughly review information, opinions, reports, or statements, including financial statements and other financial data, which are prepared or presented by others.
• Become a knowledge expert in your chosen area of expertise, encourage and coach other members of the team by knowledge sharing and hosting training sessions where required.
• Take on additional duties as and when required.
• Assist colleagues when capacity permits and notify Manager with availability.
• Provide office notes to Team Manager prior to being out of office, complete the out of office checklist regarding all outstanding work, upcoming meetings and any outstanding or distressed issues.
• Coach, mentor and provide training to the Associate group.
• Follow Waystone Code of Conduct and lead by example.
• Actively participates in team projects as instructed by the Director / Executive Director.
• Share key learning and knowledge lessons at team meetings.
• Ensure performance reports are requested and monitor the Associates’ progress and follow up with non-responding clients.
• Ensure Salesforce is up to date and ensure assigned engagements have accurate information and are fully completed by the Associates on a real-time basis and through engagement reviews.
• Maintain timely management of inbox and ensure all client emails are responded to within 24-48 hours.
• Monitor the accounts receivables for clients in portfolio and chase outstanding balances in accordance with company policy.
• Monitor and ensure that board meetings for clients in the portfolio are held as required in accordance with company policy for each client.
• Independently liaise with fund service providers and fund attorneys in performance of duties.
• Complete phone notes on all client calls and save all emails sent to clients to Salesforce.
  
  

Requirements

To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Education

• A degree in Law, Accountancy or Finance or qualification as a Chartered Accountant, Certified Public Accountant, Chartered Tax Advisor, Chartered Financial Analyst or Chartered Alternative Investment Analyst.
  
  

Experience

• Minimum of 5 years’ post-qualification senior financial services experience, with a proven track record of advancement.
• Strong client services experience at management level within the investment funds industry.
• Experience reviewing fund governing documentation and financial statements.
• Proven ability to independently liaise with global service providers, including attorneys, investment managers, brokers etc.
• Knowledge of Cayman Islands laws and regulations applicable to Cayman funds and related entities, including the Economic Substance Act, Mutual Funds Act, Private Funds Act, AML Regulations, FATCA and CRS.
• Outstanding time management, critical thinking and attention to details are required.
• Ability to maintain high levels of discretion and confidentiality.
• Candidate must have strong business development and networking skills, be highly motivated, and adept at building relationships in the Cayman Islands and internationally.