Associate Director - Economic Substance

All Waystone employees are expected to demonstrate our core competencies as outlined below. The role of Associate Director has unique requirements and duties; however, these responsibilities are to be executed within the organization’s framework of core values. Waystone expects all employees to be high performing, self-motivated, learners and leaders.

Summary: The Associate Director will work closely with the Managing Directors, Executive Directors, Directors and other employees to support the clients with their needs. The Associate Director may also be called upon to provide independent director and other related administration services to a wide range of investment vehicles and structures.

Essential Duties And Responsibilities

• 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.
• Help oversee the Cayman risk reporting element of the Economic Substance solution.
• 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.
• 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.
• Work with other Cayman departments to ensure clients’ expectations are met holistically;
• Help with the onboarding process for new WAM mandates.
• Evaluate the risk involved in each situation and prioritize risk levels appropriately.
• Accept appointment as an independent director on Investment Management Companies and related entities.
• 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 Team 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.
• Review and assess potential new business including detailed review of transaction documents and preparation of fee quotes within Salesforce.
• 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 Team Manager.
• 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 ensures 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.
• Ensure complete and timely review of board materials and delivery to directors and other parties as required.
• Independently liaise with fund service providers and fund attorneys in assisting directors in performing their 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.
• Firm 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.