Head of ALM and Financial Structuring
Head of ALM and Financial Structuring
ESM - European Stability Mechanism
Luxembourg
We are looking for a Head of Asset and Liability Management (ALM) and Financial Structuring to manage the division. The selected candidate will report to the Member of the Management Board, Chief Financial Officer.
The ALM and Financial Structuring division has the following objectives:
- Manage ESM and EFSF assets and liabilities (e.g. analyse liquidity, interest rate, and currency exposures) in accordance with policies set by the Board of Directors and the Management Board. The institutions have some €300 billion in loans to beneficiary Member States, €300 billion in debt outstanding, and €80 paid-in capital, which is invested;
- Maintain and advance financial structuring to support ESM and EFSF Members, by, for example, running a derivatives programme, and developing new financial solutions in the interest of euro area member states;
- Demonstrate strategic thought leadership on financial solutions that would help the European Economic and Monetary Union progress, also in response to financial or economic crises.
The European Stability Mechanism (“ESM”) is the permanent crisis resolution mechanism for euro area countries. In the context of the current Covid-19 crisis the ESM has established a precautionary credit line as one important element in the joint European response to the pandemic. During the euro crisis it launched five financial assistance programmes, provided financial support, monitored repayment capacity, and engaged with partner institutions for programme design in areas of financial interest. In parallel to its activities as a policy institution the ESM is also one of the biggest issuers of euro-denominated debt with a large global investor base. The ESM has recently received an expanded mandate from European leaders, which it will implement in the months and years ahead. The ESM will act as the backstop to the Single Resolution Fund (SRF) and have a stronger role in financial stability risk analysis and the design of policy measures in programmes jointly with the European Commission.
The ESM is a unique place to work with around 210 individuals from around the world committed to making a difference to the future of the euro area. It recruits talented professionals of any nationality from both the private and public sector.
KEY ACCOUNTABILITIES
- Develop strategies for ALM and Financial Structuring;
- Manage these core ALM and Financial Structuring duties day-to-day:
- Identify and monitor potential exposures to structural balance sheet risks (liquidity, interest rate, and foreign exchange) resulting from ESM/EFSF financial operations (Funding, Lending, and Investments);
- Develop and implement strategies to mitigate these risks;
- Maintain and advance ALM and Financial Structuring policies;
- Manage a team tasked with identifying, measuring, and simulating liquidity, interest rate, and currency exposures;
- Maintain the current Financial Structuring programmes (i.e. outstanding derivatives).
- Prepare and run the monthly Finance Committee;
- Prepare strategies and policies for the Board of Directors and Management Board;
- Participate in the Internal Risk Committee and Board Risk Committee;
- Manage projects led by ALM and Financial Structuring and support projects run by other divisions;
- Develop new ideas around efficient financial management, improvements of cost of funding and balance sheet efficiency;
- Lead financial structuring and generate strategic and innovative ideas. The ESM was asked to create a Covid-19 Pandemic Crisis Support, once used, this would involve creating, maintaining, and running multiple financial silos and structures;
- Ensure team management and development in an inclusive manner and in line with ESM values and behaviours, to maintain and strengthen a high level of professionalism within the team;
- Manage the team to ensure its motivation and appropriate balance of competencies and resource allocation to achieve the division’s strategic objectives;
- Ensure the recruitment and retention of staff, optimise individual and collective performance, actively manage issues in the workplace;
- Represent the ALM and Financial Structuring division within other domains in the Finance, Risk, Operations and Finance and Control Departments to ensure that appropriate internal co-operation and control is maintained;Help to modernise and improve internal operations, by, for example, using artificial intelligence, machine learning, and other FinTech solutions.
KEY BACKGROUND & EXPERIENCE
- University degree, preferably in finance, business, mathematics, statistics, or economics;
- At least 10 years of relevant experience in the financial services industry, ideally with a minimum of 5 years in a similar role and level of responsibilities;
- At least 5 years of professional experience in a people management role, including motivating, inspiring, and developing diverse and multicultural teams;
- Proven track record in the development of an ALM strategy and creating new financial structures;
- Good experience in project work;
- In-depth knowledge of financial models and derivatives valuation techniques and issues;
- Good understanding of the European financial, economic, and policy developments;
- Ability to intervene in information technology and process related issues;
- Fluency in written and spoken English, other languages are considered an asset.
KEY COMPETENCIES
- Strong financial and quantitative skills;
- Strategic, flexible and creative thinking;
- Thought and change leader;
- Influencing skills;
- Excellent communication and presentation skills;
- Achievement focus and decision making skills;
- Adaptability and resilience to thrive even in times of change and uncertainty.
Contract duration: 5-year fixed-term contract, with possibility of extension
The ESM aims to provide equal opportunity to all candidates irrespective of their gender, nationality, age, race, culture, education, religious beliefs, sexual orientation or disability. To further enhance the diversity of our workforce, we particularly encourage women to apply.
