Western & Southern Financial Group

Sr Analyst Funding Agreements

Job Locations US-OH-CINCINNATI
ID
2020-13643
Category
Finance & Accounting
Type
Full Time

Overview

Summary of Responsibilities:

Primary responsibility is the administration of the Funding Agreement (FA) program with the Federal Home Loan Bank of Cincinnati (FHLB). Supports the collateral management needs of the FA program as well as Western & Southern Financial Group (WSFG) enterprise-wide. Contributes to presentations with Executive Management, and Finance and Risk Committees. Works collaboratively with Fort Washington Investment Advisors, Inc. (FWIA), Accounting, Eagle Realty Group (Eagle) and Treasury to make decisions and escalates issues to the AVP-Funding Agreements & Securities Lending (AVP) when necessary. Serves as primary back-up for Cash Management and Securities Lending.

Responsibilities

Position Responsibilities:

Funding Agreements

  • Provides primary support to the FA program, approximately $2.9 billion of Assets Under Management (AUM) and $38 million annual operating gain. This includes issuing FA’s with the FHLB, communicating FA activity to Accounting, calculating and paying interest, executing cash movements related to the program and record keeping/database management.

  • Coordinates with FWIA and Eagle on investment opportunities for new funding agreements and makes recommendations to the AVP; evaluates trade ideas considering FHLB rate specials, duration/ALM, return on capital (ROE), credit and collateralization.

  • Prepares financial reports and performance metrics for management.

  • Provides emergency liquidity to WSFG via draws with FHLB.

  • Monitors FHLB membership and activity stock per member insurance company to ensure adequate levels are maintained.

  • Determines eligible, pledgeable collateral within an inventory of approximately $18 billion of fixed-income investments.

  • Monitors sufficiency and contingency of collateral.

  • Recalls/replaces/pledges collateral with FHLB as needed.

  • Executes principal and interest sweeps on collateral held by the FHLB; coordinates reconciliations with Investment Accounting.

Cash Management

  • Assists the Cash Management team, in a backup capacity, on business days in which the group is short-staffed due to unforeseen illness, PTO, or FMLA.

  • Analyzes cash flows to determine the current day cash position of assigned companies in the Enterprise. Communicates cash position information for assigned life insurance companies to FWIA within a very restricted timeframe. For non-life (Eagle and IFS) companies, executes money market transactions to invest excess cash or cover cash deficits.

  • Confirms and updates Treasury workstations and information on pending trades, including pending purchases and sales of stocks, bonds, mortgages and real estate.

  • Initiates electronic funds transfers for payroll corrections, concentration of district office funds, funding of retained asset activity, and movements of premium received at WSLIC to the correct life insurance companies. Handles ADP payroll funding duties and subsidiary reimbursements of intercompany payables. Notifies subsidiaries of reimbursement requirements and prepares requested funds transfers.

  • Coordinates the transfer of funds for various subsidiaries within the Enterprise.

  • Ascertains the impact of late-day cash or problem trade settlements and applying strong decision-making skills in implementing a course of action.



Securities Lending

  • Backs up Securities Lending program by monitoring lender activity to ensure compliance with collateral requirements, lending guidelines, collateral reinvestment guidelines, and tax requirements surrounding dividend received deductions. Coordinates with custodian bank, the lending agent and third party consultants on lending benchmark studies and industry trends.

  • Assists with preparation of QBR and monthly EBR for CEO and CFO when needed.

Other

  • Assists with procedures required for the Securities on Deposit program, which allows various insurance entities to sell insurance in a specific state, by monitoring pledged investments, coordinating with Compliance on state regulations and recommending highest earning pledged investments within law.

  • Assists with negotiation and execution of lines of credit when needed

  • Interacts directly with outside investment bankers, commercial bankers, regulators and government employees.

  • Leads and performs Treasury projects and financial analyses as requested by AVP.

Qualifications

Selection Criteria:

  • Demonstrated strong mathematical and communication skills. Possesses excellent verbal and written skills for presentations to Finance Committee and Senior Management.

  • Demonstrated strong knowledge of capital markets including equity, fixed income and derivatives.

  • Proven experience using Excel for financial modeling and analysis (vlookup, pivot tables, index, sumifs, conditional formatting, macros).

  • Proven experience with modeling and financial analysis, specifically discounted cash-flow analysis.

  • Demonstrated excellence in analyzing financial statements and thorough understanding of Accounting.

  • Ability to analyze legal documents.

  • Demonstrated experience in handling significant multiple projects simultaneously with a very high level of accuracy.

  • Demonstrated experience managing projects to completion, including leading teams, facilitating and running meetings and interacting with Senior Management.

Work Setting:

  • Works in an office setting and remains in a stationary position continuously for long periods of time frequently while working at a desk, on a computer or with other standard office equipment, or while in meetings.

  • Performs frequent movement of wrists, hands and fingers for continuous computer work.

Educational Requirements:

  • Bachelor of Science degree in Finance or quantitative-related field required.

  • MBA with a Finance and/or Accounting concentration preferred.

Computer Skills and Knowledge of Hardware & Software Required:

  • PC expertise pertaining to spreadsheets (including lookup function, pivot tables and macros) as well as PowerPoint and Word.

  • Proficient user of Bloomberg.

  • Working knowledge of database applications.

Certifications & Licenses (i.e., Series 6 & 63, CPA, etc.):

  • CFA or CPA designation is a plus.

Position Demands:

  • Extended hours required during peak workloads or special projects.

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