Director, PGIM Investments Compliance (Hybrid)

$140,300 - $189,800 yearly
  • Prudential Financial
  • Newark, NJ, USA
  • Jun 27, 2022
Full time Insurance Legal

Job Description

Prudential Financial companies serve individual and institutional customers worldwide and include The Prudential Insurance Company of America, one of the largest life insurance companies in the United States. These companies offer a variety of products and services, including life insurance, mutual funds, annuities, pension and retirement-related services and administration, asset management, banking and trust services, real estate brokerage franchises, and relocation services. For more information, visit www.prudential.com.

PGIM Investments LLC (PI) serves as the manager and/or co-manager for two mutual fund complexes, the PGIM Retail Funds and the Prudential Insurance Funds. The PGIM Retail Funds include several open-end funds, ETFs, and closed end funds.  The Prudential Insurance Funds consist of open-end funds that serve as underlying investment options for Prudential’s variable annuities business, group insurance business, and individual life insurance business. The PGIM Retail Funds and Prudential Insurance Funds are overseen by separate boards of directors/trustees.

As part of its business, PI oversees a large number of affiliated and unaffiliated subadvisers.  The PI Compliance department is responsible for assessing these subadvisers’ compliance programs.  PI Compliance also monitors and reports to the mutual fund Boards on the subadvisers’ ongoing compliance with Fund policies and procedures.  PI Compliance also serves a center of excellence for third-party adviser due diligence throughout the Prudential organization.

PI is seeking a director candidate to be located in Newark, N.J.  The director will assist the mutual fund CCO with overseeing compliance for the funds and their service providers. This role also will serve as a key player in strategic projects (including implementing regulatory changes or new processes in response to business initiatives).  

Key Responsibilities:

  • Support the CCO in all aspects of the Funds’ compliance program including oversight of funds’ subadvisers and service providers to prevent, detect, and mitigate violations of applicable policies, laws, and regulations.
  • The Director is responsible for preparing, reviewing, and presenting regular and ad hoc compliance reporting to the Boards and internal stakeholders.
  • Participate in various internal working groups and committees and board committees impacting the Funds.
  • Provide oversight of the due diligence team which is responsible for overseeing subadvisers and service providers to the mutual funds, closed-end funds, and ETFs managed by PI.  
  • Administer compliance policies and procedures for PI, the Funds, and transfer agent, including portfolio compliance for the Funds and compliance testing for various Fund and adviser activities. 
  • Support the implementation of new rules/regulatory changes.
  • Review and comment on the preparation and review of fund and adviser regulatory filings, as applicable.
  • Develop, implement, and maintain compliance monitoring, new policies, procedures, reporting, forensic testing/analytics (and in the process accounting for regulatory priorities/industry best practices).
  • Monitor the effectiveness of established compliance processes and controls; recommend and implement enhancements where appropriate.
  • Collaborate with other Company asset management compliance teams, Corporate Compliance, and other divisions as necessary.

Req. External Qualifications

  • Broad working knowledge of Investment Company Act of 1940 and Investment Advisers Act of 1940 and registered fund (open-end, closed-end, ETF) business and operations.
  • Prior compliance experience at a registered investment adviser or mutual fund a plus.
  • Prior investment guideline monitoring experience a plus.
  • Excellent written and verbal communication skills.  Comfortable interacting will all levels of management, as well as mutual fund boards.
  • Strong organizational skills with ability to prioritize and meet tight deadlines.
  • Proven project management skills, including the ability to manage several projects at once to meet deadlines.
  • Strong analytical skills and ability to identify and research areas that may have more complex regulatory requirements and translate and educate for business application.
  • Prior supervisory experience a plus.
  • Bachelor's degree required