Thursday, February 10, 2011

Dodd Frank Costs and $100,000 + Job Opportunity

Registration To Cost PE Firms Close To $1B This Year. Full cost of having to register as Investment Advisers has really started to sink in with buyout shops - writes - PE HUB's David M. Toll. Olympus Partners puts the figure for itself at $500,000 to $600,000 by late spring, not counting annual costs beyond (see other estimates below).

Latest role posted on the Rosenthal Recruiting Job Board yesterday – will be located in Charlotte, NC.

Responsibilities are related to the build out and support of projects related to Dodd-Frank requirements on Derivatives, including establishment of a client clearing initiative and Futures Commission Merchant (FCM).

On the Rosenthal Job Board the position is titled Interest Rates and Futures Compliance Officer.

The job listing can be viewed at the following location:

Summary from PE Hub:

Cost of compliance? Excerpts from comments submitted last month to the SEC by five PE shops, most of which asked the agency to delay implementation of registration requirement for a year.

Robert S. Morris, Managing Partner, Olympus Partners:

…compliance manuals, employee trading records, legal documentation, hiring of Compliance Managers and extra audits incur costs estimated to total $500-$600,000 that need to be incurred by us by late Spring in order to comply.

David S. Lobel, Managing Partner, Sentinel Capital Partners:

…The bottom line for us is that in total we will have to spend between $500,000-$600,000 in 2011 and more than $375,000 per year thereafter for compliance manuals and oversight, employee trading records, legal documentation, and the hiring of additional compliance employees. To pay for this, we will need to cut employee costs elsewhere, and at the very least, we will have to postpone hiring productive professionals who can help us grow our business…

Andrew M. Bursky, Chairman, Atlas Holdings LLC:

…It remains unclear precisely what the direct cost of compliance will be, but our legal and accounting advisers tell us to count on $350,000 to $500,000
David L. Schnadig, Managing Partner, Cortec Group:
…we have been told that we will have to pay a custodian $10-$15,000 per year to “safeguard” these certificates. We have been told by our lawyers that it will cost us $75,000 to $150,000 to write a compliance manual…Furthermore, the [Dodd-Frank Act] requires we add a compliance officer (who has to be a senior-level executive), at a minimum annual compensation of $200,000 yet we do not engage in any activity the Act wishes to monitor. Finally, our counsel estimates a cost of $75,000 to $100,000 to document our efforts related to registration…

Thursday, February 3, 2011

Regulatory Project Manager Job in NY | S.E.C. may hire 800 to implement Dodd-Frank

While Mary Schapiro, S.E.C. chairwoman, says she needs to hire 800 to carry out the Dodd-Frank financial regulatory overhaul,
a major NY-based Global Financial Leader has the following Requirements. Now hiring for a position titled “REGULATORY PROJECT MANAGER” to lead to Dodd-Frank and other Regulatory implementation:
-Experience working with IT, Attorneys, Compliance Management and professionals.
-Experience working with financial services' Compliance preferably in an Investment Bank, Exchange, SRO, Futures Enterprise or Broker-Dealer
-Understanding of Derivatives strongly preferred.
- 5+ years in Project Management, Compliance, Strategic Planning or similar role, with emphasis in financial services. Will also consider experience as a project manager or a team lead in a major company-wide initiative.

This position is for an experienced Project Manager to act as a consultant to manage a firm-wide business initiative to restructure its activities in accordance with new regulatory requirements for derivatives trading. The candidate will focus on management and tracking changes to the firm’s trading systems, infrastructure and related technologies as well redeployment and structuring of the compliance program to satisfy new requirements.

The ideal candidate will have experience in financial services, either leading or performing a significant management role for projects that involve detailed regulatory requirements.

The candidate will need to identify business leads for each functional area (IT, finance, trading, compliance, legal and audit), and act as a liaison between the groups to identify issues and track that solutions are being developed and implemented.

Additionally, knowledge of Compliance programs as well as Trading systems is strongly preferred. The candidate will be expected to inventory the areas of the firm impacted by the new regulatory requirements and develop and maintain an overall project plan as well as for each area impacted.

Please look at overview here or request details, reply or call if you would like to discuss.
(973) 826-0537

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