The Counterparty Credit Underwriter supporting and working on coverage of a global portfolio of sophisticated Institutional Family Office (IFO) clients within Citi Wealth.

The portfolio consists predominantly of Institutional Family Office (IFO) clients of Citi Wealth. Products include but are not limited to OTC and listed derivatives, other capital markets products, as well as wholesale collateralized (Securities Based Lending (SBL)) and cash flow-based (Structured Lending) loans.

Key Responsibilities:

Counterparty Credit (CCR) Underwriters within 1LOD are responsible for the underwriting, approval and extension of credit within the Margin Lending and Capital Markets business of Citi Global Wealth (CGW). Wealth is a single, integrated platform serving clients across the wealth continuum, from the affluent segment to ultra-high net worth clients. Underwriters typically have experience in underwriting plain-vanilla as well as tailored credit solutions to Citi Bank clients with a focus on securities based lending and derivatives.

This is an exciting opportunity to contribute to the next phase of growth of a relatively new aspect of the risk framework within Citi. It applies to Institutional Family Offices (IFOs) which constitute an important segment of the bank’s clients. The IFO Underwriter (UW) will initially focus on capital markets and securities based lending credit risk for IFOs globally.

Job Summary

• Underwriting will focus principally on identified IFO clients of Citi with a Wealth nexus
• Credit structuring and underwriting of derivatives, SBL and Structured Loans and capital markets deals for Citi Private Bank clients.
• Manage an assigned global portfolio of Private Bank controlled credit relationships.
• Location agnostic.

The person will be responsible for:

• Implementing and applying the Credit Risk Framework for IFOs
• Working closely with the IFO UW team lead to maintain and develop further the Wealth IFO governance framework, including the running and administration of regional IFO Forums, the stewardship of the Wealth IFO List, and the provision of advice as needed.
• Credit manage an assigned portfolio of IFOs globally.
• Lead, coordinate, or join due diligence (DD) meetings to understand the risk profile and dominant strategy of the IFOs and ensure risk appetite at the Citi level remains adequate.
• Assess key risks including portfolio concentration and diversification, liquidity, redemption risks if any
• Assign Risk Ratings by using appropriate risk methodologies and scoring sheets
• Assess risk rating methodology on a periodic basis
• Decide client margin tiering and apply appropriate tiering guidelines and margins
• Understand key risk dynamics and assessments at a fund/entity level as well as at the investment manager level
• Understand the IFOs holding structure and investors base
• Understand the client’s investment approach and the resulting portfolio composition
• Ensure that facilities are re-underwritten at least annually as part of the annual review process
• Assess stress testing (NSE) outcomes and ensure these remain within risk appetite. Investigate and resolve true and technical excesses.
• Where appropriate and based on specific events occurring, consider classification upgrades, downgrades and triggers
• Negotiate credit-related terms in ISDA/CSA, MRA, MSFTA, GMRA and GMSLA and other lending documentation.
• Build a working relationship network with the origination functions (Banking, Lending Advisors, Investment Counselors, Capital Market Credit Solutions, Global Family Office Group)
• Preparation of Credit Applications and packages ensuring accuracy and completeness of data
• Financial Analysis including balance sheet and cash flow statements
• Collateral Evaluation covering Marketable Securities, Property and other asset classes
• Preparing and negotiating credit documentation for facilities, including liaison with external counsel as required as well as undertaking the annual review of documentation

• Preparing and reviewing facility covenants (including sourcing applicable covenant certificates, NAV statements etc)
• Assisting in Portfolio Management, including CA Annual reviews, facility excesses, covenant monitoring and compliance, waivers and extensions and all related system maintenance
• Interacting with clients, trading desks, credit risk, operations and legal.
• Providing guidance as needed to supporting underwriting and other colleagues.

Knowledge/Experience:

• The ideal candidate should have a good track record of experience in Hedge fund credit or related experience.
• Good knowledge of hedge fund/family office/ private equity structures/operations and strategy types, prime brokerage and derivatives / capital market products, ISDA / other trading agreements, securities based lending (margin lending).
• Strong grasp of current technologies including stress testing is highly beneficial

Skills:

• Knowledge of capital markets and securities based lending products
• Strong analytical skills and ability to decompose transactions into the core risks.
• Good quantitative skills a plus.
• Solid Risk and Business judgment on the full spectrum of risk issues including Operational and Franchise Risk

Qualifications:

• University Degree / Graduate Degree in Business,
• Finance or Economics or equivalent is a plus.

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