First Republic Investment Management, Inc. (“FRIM”) was acquired by First Republic Bank (“FRB” or the “Bank”) in 1999. FRIM is a wholly owned subsidiary of FRB, a publicly held California Chartered Commercial Bank which is listed on the NYSE (symbol FRC). First Republic Bank was founded in 1985. Investment Management Services FRIM provides full service personalized wealth management solutions for individuals, trusts, families, foundations, endowments, pensions, defined contribution plans, profit sharing plans, banks, for-profit and not-for-profit corporations and other business entities. FRIM assists Clients in formulating long-term wealth management strategies that are customized to meet their unique needs or circumstances. Services are offered through preferred banking or wealth management offices primarily in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland, Palm Beach, Boston, Greenwich, and New York City. First Republic offers a complete line of banking products for individuals and businesses, including deposit services, as well as residential, commercial and personal loans.
FRIM is affiliated through common ownership and control with FRSC, a registered securities broker dealer. The majority of FRIM management persons and representatives are also registered representatives of FRSC. Client brokerage accounts at FRSC are cleared on a fully-disclosed basis at Pershing LLC, which has custody of the FRSC customer accounts. Pershing is a clearing broker that is not affiliated with FRSC or FRIM.
FRIM is affiliated through common ownership and control with First Republic Trust Company, a division of the Bank, and First Republic Trust Company of Delaware, LLC.
First Republic Private Wealth Management (“PWM”) business covers approximately $130 billion in assets today and is expected to experience continued high growth. Altair is FRIMs alternative investment platform. The platform is comprised of over 50 active funds, most of which are draw-down vehicles. First Republic structures feeder funds and fund-of-funds for its clients to access otherwise inaccessible private investments. Assets under Management are approximately $6.5 billion.
First Republic is looking for a high-quality, experienced individual to join the PWM team to oversee operations supporting our alternative investment business. The Alternative Investments Operations Manager will supervise the Operations and Private Placement teams in our Century City office.
The Alternative Investments Manager will be responsible for:
- Oversight of daily operations including; client onboarding, subscriptions, redemptions, capital calls, distributions, investor transfers, valuations, fund accounting and fund tax
- Integrity verification of investor records and compliance with firm and regulatory requirements
- Overseeing end-to-end compliance with Volcker requirements
- Production and review of reports to support regulatory reporting
- Serving as a subject matter expert on alternative investments policies and procedures in order to promote a strong culture of risk awareness
- Working closely with PWM Supervision, Wealth Managers, Investor Relations, FRIM Research, Alternative Investments Compliance and First Line Risk Manager to address operational issues and risks
- Conducting service provider reviews
- Driving the implementation and enhancement of technology supporting the alternative investments workflow
Experience / Skills Required
The person should be knowledgeable about private funds and liquid alternatives and have a minimum of 5-7 years’ experience working with hedge funds. Specific experience needed include:
- The ideal candidate will have previous experience within a high-touch/high-client-experience-expectation organization, at an alternative investment fund (private equity or hedge).
- Ability to effectively prioritize across a range of issues and with multiple clients
- Excellent verbal and written communication capabilities with the ability to interact with all levels, including business heads and the firm’s senior executives.
- Business expertise and strong understanding of investment processes across all product structures as well as analytical skills sufficient to understand the characteristics and risk profiles of derivatives.
- Demonstrated experience at a hedge fund, fund of hedge funds or asset management firm selling hedge funds and/or liquid alternative mutual funds/other 40 Act compliant vehicles.
- Knowledge of the Mutual Fund/Retail segments a plus.
Other Personal Characteristics
- Strong team player with excellent interpersonal skills. Excellent written and oral communication/presentation skills. Possesses presence and poise.
- High level of intellect. Combines mental agility and creativity with analytical and effective problem-solving skills.
- Dedication, drive, passion and stamina. Strong work ethic applied in a focused and determined manner to deliver results.
- Highly adaptable and agile, with the flexibility to work effectively in a broad range of situations.
- Bachelor s degree or relevant work experience