Vice President, PGIM Investments Compliance
PGIM Investments LLC ("PI"), is seeking an experienced leader to serve as a Vice President and senior member of the Compliance team. PI is an investment manager to the mutual fund complex within Prudential Financial, Inc. with approximately $273 billion in regulatory AUM as of December 31, 2018. The Vice President will assist the mutual fund and adviser CCO with overseeing compliance for the adviser, mutual funds, transfer agent, and principal underwriter. The Vice President is expected to be a key leader for the approximately twenty compliance professionals in the CCO's organization.
PI serves as the manager and/or co-manager for two mutual fund complexes: the PGIM Retail Funds and the Prudential Insurance Funds (collectively "PGIM Funds" or "Funds"). The PGIM Retail Funds include several open-end funds, ETFs, and two 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, individual life insurance business, and retirement business. The PGIM Retail Funds and Prudential Insurance Funds are overseen by separate boards of directors/trustees ("Boards").
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.
This role supports the CCO in all aspects of the adviser's and Funds' compliance programs to assure that day-to-day business activities are conducted in compliance with applicable policies, laws, and regulations. This role also will serve as a partner in strategic projects (including implementing regulatory changes or new processes in response to business initiatives). An important part of the role will be to generate ideas to enhance the compliance program, eliminate inefficiencies and increase program effectiveness so that risks are appropriately identified and mitigated.
This position is located in Newark, NJ.
- The Vice President will support the CCO in designing and implementing a compliance program for registered investment advisers and registered investment companies that is effective in preventing, detecting, and mitigating violations of applicable law or internal policies. The Vice President also will support the CCO with the transfer agent's compliance program.
- Responsibility for providing ongoing compliance support and advice for the day-to-day activities of PI as well as in connection with new business strategies and initiatives.
- Serves as part of senior staff tasked with developing, implementing and maintaining compliance monitoring, new policies, procedures, reporting, forensic testing/analytics (and in the process accounting for regulatory priorities/industry best practices).
- Administers compliance policies and procedures for PI, the Funds, and transfer agent, including oversight of portfolio compliance for the Funds and compliance testing for various Fund and adviser activities.
- Oversees regular and ad hoc compliance reporting to the Boards and internal stakeholders (including reporting by Fund service providers).
- Reviews and comments on the preparation and review of fund and adviser regulatory filings as applicable.
- Interfaces with regulators, auditors, and business unit management regarding regulatory exams and inquiries. Promotes, protects and sets the tone to reflect the Company's reputation for ethics, integrity, and honesty in all dealings.
- Monitors the effectiveness of established compliance processes and controls; recommends and implements enhancements where appropriate.
- Identifies issues both within the business unit and across other units resulting from internal and/or external examinations; makes recommendations for appropriate actions, follow-up of agreed-upon resolutions of findings while providing creative and innovative analysis and best practice solutions.
- Collaborates with other Company asset management compliance teams, Corporate Compliance, and other divisions as necessary.
- Ten plus years of legal and/or compliance or related experience, primarily in investment management.
- Extensive knowledge of the registered fund (open-end, closed-end, ETF) business and operations (e.g., fund administration, investment process, valuation, transfer agent operations, and fund governance).
- Broad working knowledge of the regulatory landscape for advisers and registered funds, including deep understanding of the Investment Company Act of 1940, the Investment Advisers Act of 1940, CFTC/NFA regulation, and other federal securities/commodities laws and regulations .
- Exposure to global products, marketing, and distribution matters, including UCITS.
Significant experience with initiating, directing, developing, implementing and maintaining written policies and procedures governing compliance activities.
- Strong analytical skills and ability to identify and research areas that may have more complex regulatory requirements and translate and educate for business application.
- Proven written and verbal communication skills. Comfortable interacting will all levels of management, as well as mutual fund boards.
- Must be self-motivated, able to work independently and comfortable with taking intelligent risks. Ability to reach sound judgments and act quickly under tight deadlines while balancing competing priorities.
- Creative and strategic approach to problem solving and change management.
- Prior experience working at a regulator preferred.
- Bachelor's degree required, MBA or Juris Doctor preferred
Back to top