• Vice President, Unique Assets Officer

    ID
    2019-8200
    Job Locations
    US-CA-San Francisco | US-DE-Wilmington
    Category
    Wealth Management
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    First Republic is an ultra-high-touch bank that provides extraordinary client service. We believe that one-on-one interactions build lasting relationships. We move quickly to serve our clients’ needs so that their financial transactions are handled with ease and efficiency. Client trust and security are paramount in our line of business. Ultimately, our goal is unsurpassed client satisfaction which will lead to personal referrals – our number one source of new business.

     

    The Vice President of Unique Assets has overall responsibility for a portfolio of unique assets at FRTC. The position oversees the administration of real estate and other assets directly owned by a trust account, and monitors the performance of these assets. The Manager performs annual reviews on all assets, as well as creates and reviews the annual Investment Policy Statement (IPS) for each new account and relationship. In addition, the Manager ensures compliance with all applicable FRTC Policies and Procedures.

     

    • Supervise management of portfolios and individual holdings focused on investment quality unique assets held for capital growth, preservation and diversification. Oversee risk management of portfolios. Some travel necessary.
    • Ensure policies and procedures for real estate and unique asset management are complied with and consistent with governing FDIC regulations (Regulation 9).
    • Oversight of multiple third party management firms, and coordinate lease, sale and acquisition transactions.
    • Understand financials for unique assets, determine risks and opportunities for assets within the overall goals of the account and provide guidance to achieve those goals.
    • Strategically select, and manage/partner with outside entities to oversee unique assets such as real estate, timber, farm, and oil and gas holdings.
    • LLCs - Evaluate agreements, the purpose of the business structure and related financial transactions and the risks/responsibilities/rights of the trust in relationship to the overall trust portfolio. Monitor the financials of the entity to understand what is happening within the company. Contact the company to obtain needed information.
    • Oversee initial and annual unique asset portion of investment reviews, create and update the unique asset section of the IPS for each account in conformance with the trust document and investment portfolio and provide fiduciary investment oversight.
    • Develop working knowledge of PDS and SunGard trust accounting systems and tools to supervise unique asset management.
    • Oil, Gas & Mineral Rights - Supervise selected outside entity to manage any OMG interests. Understand contracts and sales and purchase offers, valuation and ownership documentation issues.
    • Perform duties & responsibilities specific to department functions & activities or as assigned by supervisor.
    •  Participate in the development of department policies and/or procedures and assist with client specific projects as assigned.
    •  Responsibilities include the following:  1) adhering to and complying with the applicable, federal and state laws, regulations and guidance, including those related to Anti-money laundering (i.e. Bank Secrecy Act, US PATRIOT Act, etc.) 2) adhering to Bank policies and procedures, 3) completing required training, 4) identifying and reporting suspicious activity to the AML Officer, and 5) knowing and verifying the identity of any customer(s) that enters into a relationship with the Bank. 

     

     

    • Education: Four Year College Degree Preferred
    • PDS and Sungard experience preferred
    • Team player
    • Provides extraordinary service
    • Furthers the First Republic Bank culture and values
    • 5+ years of real estate property management experience and other assets such as oil and gas, limited liability companies. Prefer experience in advising trustees acting in a fiduciary capacity.
      Knowledge of OCC or FDIC compliance and fiduciary guidelines
    • Successful oversight of unique assets in fiduciary accounts.
    • Understanding of appropriate valuation methodology for unique assets, and expertise in proper unique asset set up on trust accounting system.
    • Experience with sale and lease transactions associated with a unique asset portfolio
      Strong writing and communications skills and experience in preparing investment policy statements as they pertain to unique assets.
      Vision must be sufficient to read data reports, manuals and computer screens.
    • Hearing must be sufficient to understand a conversation at a normal volume, including telephone calls and in person.
    • Speech must be coherent to clearly convey or exchange information, including the giving and receiving of assignments and/or directions.
    • Position involves sitting most of the time, but may involve walking or standing for brief periods of time.
    • Must be able to travel in a limited capacity.

     


    Pursuant to the San Francisco Fair Chance Ordinance, we will consider for employment qualified applicants with arrest and conviction records, to the extent consistent with applicable federal and/or state law.

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