Account Relationship Associate, Institutional Trust

3 weeks ago

Toronto, Canada Northern Trust Corp. Full time

About Northern Trust:
Northern Trust, a Fortune 500 company, is a globally recognized, award-winning financial institution that has been in continuous operation since 1889.

Northern Trust is proud to provide innovative financial services and guidance to the world’s most successful individuals, families, and institutions by remaining true to our enduring principles of service, expertise, and integrity. With more than 130 years of financial experience and over 22,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service.

Description:
Responsible for assisting account and relationship managers in maintaining designated cash liquidity levels for trust clients. Performs cash analysis for daily valuation clients based on instructions for fund balances, determining if equity holdings in stock or mutual funds need to be increased or decreased to maintain required balance. Serves as a liaison between trust administration and operations, determining which areas (special assets, traders, trade processing, investment management liaison, information delivery, wire services, etc.) need to be contacted to complete the trade and appropriate account record-keeping.

Key Responsibilities:

- Performs the cash liquidity analysis for Daily Valuation clients, per client's standing letter of direction. Obtains and reviews prior day's client activity information from the participant record-keeper, posting in the accounting system, and trades processed and pending. Updates the liquidity spreadsheets, and determines appropriate trade actions to maintain daily authorized client liquidity levels.
- Notifies account or relationship manager and overdraft adjustment group of overdrafts greater than $1,000,000. Determines if special trade transactions outside of standing client instructions are required.
- Initiates company stock trades, mutual fund, commingled fund NTQA, GIC, limited partnership, and Northern Fund trades through appropriate bank areas.
- Completes rebalancing of funds for Defined Contribution and Defined Benefit Clients per client's standing letter of direction.
- Responds to client requests for account information or initiates transactions requested by client or administrators. Assists account or relationship manager with transactional/events related to cash.
- Monitors client account reports to determine if trade or cash movement is required, such as the zero balance account, miscellaneous wire and closed account reports.
- Confirms incoming/outgoing wires per administrator's request.
- Open and closes accounts on the trust system; initiates request for vendor identification numbers to update client’s accounts.
- Maintains documentation and procedures for processing client accounts.
- Identifies recurring activity in daily processing that could lead to corporate liability; recommends changes to limit liability.
- Interacts with partners on a daily basis to receive and communicate information of all aspects of a client relationship.
- Assists account and relationship manager with special projects as needed.

Qualifications:

- 1-3 years of operations or trade processing experience.
- In depth knowledge of corporate operational and record-keeping areas to determine appropriate transaction processor, usually acquired through related work experience, is required to ensure timely processing.
- Knowledge of trust products and services usually acquired through related work experience is required to service client and administrator needs.
- Mathematical, analytical and PC spreadsheet skills are required to process and maintain cash analysis.
- Ability to work in time-critical environment and time management skills are needed to maintain daily balance requirements, and reduce financial risks.

Working with Us:
As a Northern Trust partner, greater achievements await. You will be part of a flexible and collaborative work culture in an organization where financial strength and stability is an asset that emboldens us to explore new ideas.

Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to assisting the communities we serve Join a workplace with a greater purpose.

Reasonable accommodation


We hope you’re excited about the role and the opportunity to work with us. We value an inclusive workplace and understand flexibility means different things to different people.

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