The Product Development organization is recruiting for an experienced individual to work with the Direct Custody Lead on the expansion strategy in custody to become a local custodian and cash clearer in key strategic markets that are important to State Street franchise and our clients.

The individual will be working with the Product team, Global Delivery (operations) and Technology on executing  the product development initiatives and agenda.  State Street’s product organization is leading an exciting period of transformation for the business and requires experienced individuals to take the business forward.

The role will be key in driving the development of local custody and cash clearing solutions and operating model that would need to be implemented in the local markets where we want to be direct.   This includes core custody and cash capabilities with a good understanding of the local market requirements.

Function

The person would have good experience  to effectively develop requirements, solutions and have the SME knowledge to execute on the overall custody product development initiatives and agenda described above. 

The role requires you to be proactively involved in applying the market and regulatory impacts to the product , grasp of the technical and functional aspects of the service and stakeholder feedback (clients and coverage/product management) to support the evolution of the custody business.

Responsibilities                            

The role will have responsibility for the following

Work with the lead on the Product development roadmap in-collaboration with Custody Product Development head and the Direct custody product management team with respect to direct market strategyLead streams for development, analysis and execution of direct market capabilities in line with the strategy, including prioritization and approval of product, operational and regulatory changes impacting the platforms.Ensure change remains aligned to existing regulation and/or internal policies.Participate in design and efficiency of the operating model, standards and technical stack/architecture, with an objective to simplify where possible working with the Product Management, Technology and Global Delivery.Actively participate with agile team members working on development of the platform capabilities and operating modelSupport annual planning and funding prioritization activities where required

Skills

Strong understanding of the  asset servicing product and Settlements Functions and experience with operationsSubject matter knowledge across custody and in particular any experience in implementing local market solutionsStrong analytical skillsPrior experience of successfully delivering change in a complex environment whilst managing competing environments, and delivering projects using Agile and Waterfall techniquesProven change agent with track record of deliveryFamiliarity with industry vendor solutions and their applicability in delivering better local market capabilityHaving worked collaboratively with  technology and operations to deliver platforms and managing issues /risks and various stakeholders

Experience

Professional qualifications are an advantageAgile experience as a Product Owner or Principal Product Owner is desiredSeasoned VP with 5 + years’ experience in custody or broader asset servicing industryOperated in a global team environmentPrior experience working in Product, Operations and/or technology

Outcomes expected from the roles

In depth understanding of Direct Custody /cash  and implications for the productDriving a change agenda and execution of the development initiatives to build out direct markets capabilityProactive input and idea generation for product development roadmapMaintain up to date understanding of regulatory headwinds and other industry disruptors and industry bodies that could impact the area as well as local market changesJoint partnership with operations and technology to ensure the platforms capabilities are realizedManaging a team of product development product owners working with their agile team members

Split of role:

Product Design & Development : 50%Business Analysis : 40%Market / Client interaction : 10%