Head of SSv, Singapore

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HSBC Corporate and Institutional Banking (CIB) is a markets-led, financing-focused business that provides investment and financial solutions. Within CIB, Securities Services provides robust and reliable solutions that help clients mitigate risk and enhance their business performance. Working with institutional investors, banks, insurance companies, governments, and multinational corporations, this team covers fund administration, global custody, sub-custody and clearing. 

We are currently seeking a high caliber professional to join our team as a Head of SSv, Singapore.

Job Profile:

HSBC Securities Services (SSv) is one of the world’s largest and most respected providers of a suite of Fund Services and Custody & Clearing related services to cross border as well as domestic clientele.

SSv combines securities products and services into a flexible and complete solution tailored to the needs of our global banks and broker dealers, fund manager client-base of asset managers, insurance companies and pension funds, sovereigns, corporates, etc.

In Singapore, the SSv business offers a full suite of services, including custody, clearing, fund accounting and valuation, transfer agency, middle office, securities lending and FX.

The Head of SSv Singapore is a key member of the regional management team, with responsibility for the management and development of the SSv business in Singapore. This senior role requires the focused leadership of a high-performance team. The role holder has to be a matrix navigator who collaborates, consults and influences a host of on-shore and off-shore stakeholders ranging from SSv (Sales, Client management, Product, Commercial Management) and Functions (such as Ops, DBS, COO, NFR) to Country Management (such as CEO, CIB Coverage, HR, Global Functions).

Being the Ambassador of the SSv business in Singapore, the Country Head should enhance the SSv profile within HSBC as well as in the external local market. The ability to engage, influence, disrupt, opine and drive forward the country market, industry, regulatory and client dynamic is central to this role.

In summary, the key purpose of the role include:

• To manage and develop SSv Singapore, in line with the strategic objectives, with particular focus on achieving business growth and increased profitability.
• To be a key member of the Regional Management Team and to lead the Singapore Management Team.
• To externally represent HSBC with authority, in all matters relating to SSv Singapore.
• To collaborate effectively with stakeholders and customer groups, and to develop the franchise forward.

SSv Country Heads are responsible for all facets of SSv business in their country. Locally reporting to Country MSS Head and functionally into the SSv Regional Head, the SSv Singapore Head owns and drives the business agenda aligning SSv strategy and ambitions with the wider priorities of the country.

 Principal Accountabilities / Responsibilities:

     1. SSv Country Strategy

• Responsible to define and periodically refresh the SSv Country Strategy, in conjunction with Sales, Client Management, Product, COO, relevant SSv functions and Country Management / stakeholders.
• Identify and factor the local market intel, market, industry and regulatory developments, trends and client feedback into the strategy
• Taking ownership of the country strategy and understanding how it fits in to the wider SSv client sector and function strategies and ambitions is key. Agree with functional heads the book of work, priorities and drive local execution at pace.

    2. Business Performance

• Deliver Singapore SSv FRP revenue, cost and PBT outcomes in line with agreed targets and risk appetite. Agree FRP targets, in collaboration and alignment with SSv Sectors and Functions, and Country Management.
• Accountable for resource and budget management at the country level. Take the lead in ensuring that all agreed initiatives, client mandates, product development, etc are factored into the FRP appropriately

     3. Client Development, Marketing and Enhancing SSv Profile

• In collaboration with Fund Services and Custody, formalise the marketing / client relationship / visitation / market advocacy plans for the year. Ensure these feed into and are aligned with the client plans owned by CIB coverage country teams
• Develop and maintain relationships with key senior individuals in relevant industry bodies, client and potential client organisation, consultants, competitor organisations, appropriate other third parties such as regulators and market participants
• Develop the SSv media profile appropriately with Sales and Marketing.
• Enhance profile / understanding of SSv in other businesses across CIB to bring more of SSv to clients (existing and prospective) as well as identify new revenue opportunities.
• Ensure SSv plays a prominent role in market advocacy, market infrastructure change initiatives, including appropriate representation on relevant industry bodies

     4. People and Culture

• Provide motivational leadership to what is a very people intensive business.
• Own, drive and influence the people agenda for all SSv staff in the country (collaborating with respective functional lines as applicable) covering Performance Culture, Talent Management and Development, Diversity and Inclusion, Speak-up and other relevant group-wide / SSv led initiatives
• Be accountable for the people strategy to ensure that we have the right talent and resources to achieve the business ambitions. This would include collaborating with HR, regional and country stakeholders to have an agreed approach for all people aspects, including (a) resourcing, recruitment and retention of people (b) compensation strategy and levels factoring in local market nuances (c) key roles and succession plans (d) training and staff development

     5. Product Management

• In sync with local developments / trends and client feedback, collaborate with Funds Services and Custody Product to define and agree the Product and Technology Roadmap for the country (this includes both country specific product and/or accelerating global product roll-out in the country). The roadmap should also factor the new growth opportunities and new client segments as agreed with key stakeholders.
• Take accountability for execution of the agreed product initiatives. Actively govern the progress and provide constructive challenge / support to change requests

     6. Operational Excellence 

• In consultation with Operations, Product, Client Management and Sales, agree the Operational Efficiency initiatives including automation, risk mitigation, enhanced client experience and headcount / over-time savings
• In collaboration with Operations lead, ensure delivery of the agreed Business targets and Risk KPIs by the country Operations team
• Identify process improvement opportunities for your country that directly impact clients, help address efficiency and operational risk drivers, and actively influence the book of work to prioritise these and get them delivered for the benefit of SSv and the client

     7. Risk and Conduct 

• Foster a culture that supports high awareness and compliance with relevant internal and external rules, regulations and procedures, specifically HSBC Internal Control standards and compliance policies including Financial Crime Compliance and the Group / GBM conduct agenda
• Welcome escalation and challenge from the people in the country and out of the country. Creating an open, respectful and transparent operation is key to one’s success
• Own all financial and non-financial risks associated with the SSv business in the country, ensuring that local specific risks are adequately identified and managed.
• In collaboration with the SSv and Country functions and in alignment to the MSS program, drive the implementation and embedment of Non-financial Risk management
• Ensure adequate oversight / governance of risk and control environment, including the timely implementation of internal and external audit points together with any issues raised by external regulators.

Major Challenges:

• A major challenge for the job holder is to define business line specific strategies to lead the diverse businesses which are in different stages of maturity and complexity e.g. Custody & Clearing, Fund Admin, Transfer Agency, Middle Office, and Private Assets. 
• The deployment of an expanded range of business lines and digital technology driven enhancements, means the jobholder has to satisfy the diverse requirements of an increasingly complex clientele going forward. This requires driving change, both with regulators/the market and internally (with Product and Ops) so as to retain our market leading position in a highly competitive environment besides understanding / supporting dynamic client requirements.
• Managing and motivating a large team of 80+ staff across various client facing, product and business and risk managing teams, presents a number of challenges, added on with heavy reliance on Operations, an additional 80+ staff team with a reporting structure within MSS Ops. 
• Strong (and quick) decision making ability is required as interpretation of local regulations needs to be balanced against client requirements, leading to pressures and potential financial impacts. Financial and non-financial risk will feature heavily in this role.

Experience, Skills and Qualifications

• Experience in leading and managing a securities services business (including fund administration, fiduciary and custody service provision) or other relevant leadership experience.

• Experience in all aspects of business management, including people development, client management, business planning, financials, marketing, and risk management.
• Strong knowledge and awareness of SSv products, target client segments and linkages into other business lines and transaction banking verticals, as well as an in-depth knowledge and understanding of the investment industry and surrounding processes, and a full appreciation of the regulatory environment in Singapore.
• Collaborative approach to working in a matrix environment involving Sectors, Global Product Heads, Global Functions and local HSBC structures.
• Strong stakeholder management experience at local and regional level.
• First rate communication and presentation skills.
• Able to work in a pressurised environment, and manage priorities and be a good team player.
• Driver of growth and change, a strategic and creative thinker and a results oriented leader
• Strong leadership qualities of decision making, authority and people motivator

The chosen candidate for this role will be required to undergo enhanced vetting. Subject to local laws, this will require the individual to satisfactorily pass a series of additional checks as part of the recruitment process and on an ongoing basis, if appointed to the role. HSBC Group reserves its position with regards to any steps which it may take in relation to any material adverse findings which arise either when the checks are originally completed, and/or if relevant, on an ongoing basis.

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