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) Compliance is seeking a director candidate to support its regulatory, contractual, and compliance requirements associated with PI’s activities as a manager of mutual funds, closed-end funds, ETFs, and business development companies. The position also will serve as a senior resource to assist with strategic initiatives designed to support and enhance the fund compliance programs.
PI is an investment manager to three registered fund complexes within Prudential Financial, Inc. 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. A third fund complex houses less traditional registered funds focused on liquid alternative investments. The PGIM Retail Funds, Prudential Insurance Funds, and Alternative 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 as well as the compliance programs of certain key service providers. 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.
This position is hybrid and located in Newark, NJ.
The scope and responsibilities of this role will not be static. As the business needs and compliance objectives change, the responsibilities of the position are expected to evolve to meet the changing regulatory landscape and departmental deliverables. Responsibilities include, among other things:
• Oversee portfolio compliance monitoring relating to funds, including developing new monitoring to reflect new regulations or new strategies.
• Provide situational compliance support in connection with portfolio oversight, new fund launches, subadviser transitions, fund mergers, or liquidations.
• Communicate funds’ standards and requirements to existing and new subadvisers of the funds.
• Administer compliance policies and procedures for the funds, transfer agent and securities lending agents.
• Prepare and review materials for fund boards of directors.
• Participate in various internal working groups and committees and board committees impacting the funds.
• Research and resolve potential regulatory breaches and/or trade and operational errors.
• Improve and streamline compliance processes where possible with a focus on the use of data analytics.
Req. External Qualifications
A successful candidate will have intellectual curiosity and be solutions oriented. The successful candidate also will possess an ownership mindset and be comfortable navigating uncertainty. Other required qualifications include:
• Good working knowledge of Investment Company Act and Investment Advisers Act.
• Knowledge of registered fund products, operations, and administration.
• Investment guideline monitoring experience.
• Familiarity with closed-end funds and business development companies a plus.
• Experience with ESG compliance a plus.
• Strong collaboration and interpersonal skills to interface with various business unit, legal and compliance contacts.
• Excellent written and oral skills and strong attention to detail.
• 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.
• Bachelor’s degree required.