Standard Bank Rosebank, Gauteng, South Africa
May 08, 2020Full Time
Job Details Our international team provides trading, sales, structuring and risk management solutions for our clients across global financial markets. This includes FX, commodities, equity, credit, fixed income and debt instruments. We also offer market insight, trading services, analytics and new financial products across a number of asset classes. Job Purpose The purpose of this role is to provide strategic and operational leadership to a team that has members in multiple geographic locations that contributes to revenue generation for the bank by deriving tradable fixed income and currency trading or hedging strategies to be marketed to corporate and institutional clients of the bank; contributes to relationship management by providing a narrative highlighting the attraction of investing in Africa; provides commentary on cyclical and structural determinants of Africa's economic development, primarily by analysing key primary macroeconomic data on several African countries, generating medium and long term forecasts for economic growth, exchange rate, inflation, interest rate and other key macroeconomic variables for the respective countries. Key Responsibilities/Accountabilities Contribute to revenue generation and client relationship management Make fixed income and currency trading recommendations to SA and international institutional investors, where there are compelling opportunities amongst the countries of team coverage, taking account of each investors' previously communicated potential investment universe; Discuss currency hedging recommendations with corporate clients; Work with the Global Markets Sales Managers to plan research road shows to both local and international institutional and corporate clients of the bank; Ensure that in-country analysts undertake roadshows to SA and international investors and corporate clients; Attend meetings with the bank's clients, both corporate and institutional, to discuss on-going economic and financial market developments in each country of team coverage; Present cogent arguments, supporting the forecasts for economic growth, the exchange rate, inflation interest rates, etc. Manage the investor access product Work the Global Markets Institutional Sales Managers, ICBC Standard and relevant country analysts in the team to plan investor trips to a selected group of countries on the continent with the aim of meeting policy makers, like central bank governors, Finance Ministers, IMF representatives in each country; Ensure that analysts have established a list of contacts at the central bank, Ministry of Finance, the International Monetary Fund representative, the World Bank, and other relevant institutions in each country; Ensure that analysts liaise with all institutions to set up meetings with respective officials from the central bank, Finance Ministry and other institutions; Host investors throughout the trip; Chaperone investors on a trip, ensuring that everyone gets to all meetings on time; During the trip assist in steering the conversation with policy makers, ensuring that pertinent issues relating to the evaluation of investment opportunities and risks in each country are adequately addressed; Chair meetings with policymakers on the side lines of International Monetary Fund and African Development Bank meetings, steering the conversation and ensuring that pertinent issues relating to the evaluation of investment opportunities and risks in each country are adequately addressed. Talent management Identify gaps in the team to fulfil operational and strategic goals for the franchise; Hire and retain appropriately qualified members of the team, taking care to fill identified skills gaps; Encourage team members to undertake the necessary training or study. Encourage a culture of compliance with group policies Ensure that team members regularly undertake the required compliance training; Encourage team members to be aware of pertinent group policies; Ensure that reports produced by team members are in compliance with the research policy manual. Reputation management Enhance the reputation of Standard Bank for producing cutting edge research in the market place by ensuring that the team's research gets regularly rated in analyst surveys; Cognisant of the fact that research reports produced by the team are in the public domain, ensure that team members consistently produce rigorous, market relevant research that can stand up to peer review and scrutiny by policymakers in the countries that the group is active. Stakeholder management Cognisant of the fact that team members are located in multiple jurisdictions, ensure that team members consistently provide inputs that assist executive management in planning and risk management; Ensure that the team leverages the group strategic position - utilising the insights the group is able to glean from its interactions with clients - in deriving the Africa narrative. Regularly consult with in-country management to ensure that in-country analysts provide the required service to management; Provide feedback to in-country management on in-country analysts' performance; By surveying executive management in the group, key institutional and corporate clients, test the relevance of the team's product offering to identify gaps therein, then develop new research products to fill such identified gaps. Production of the African Markets Revealed and writing appropriate sections thereof Agree on milestones for the production of the report, holding team members to account for meeting such agreed upon milestones; Ensure that the publication is produced in accordance with the Group Research Policy Manual; Ensure that the narrative for each country conforms to the appropriate format that requires that each analyst discuss the short to medium term cyclical developments for coverage countries; Review the narrative for each country, ensuring that analysts have developed the forecasts using reasonable methods and relying on reasonable data sources; Write relevant sections of the report, ensuring that for the coverage countries the short to medium term (up to 2 years ahead) prospects for economic growth, noting cyclical and structural underpinnings for all sectors of the economy as well as drivers of various aggregate demand components for each country are covered; For the relevant coverage countries, discuss the outlook for the balance of payments, noting current and prospective developments likely to affect exports and imports of goods and services, income flows, portfolio flows, foreign direct investment, foreign borrowing and changes in foreign exchange reserves; Review political developments likely to have an influence on economic policy in each country; Assess current developments in the FX market, providing a prognosis of how balance of payments, political and any other relevant factors would have on the trajectory for the exchange rate; Assess inflation developments, making a judgment of the likely durability of observed trends, the specific factors, both relating to macroeconomic and other (like the weather) developments, likely to affect the trajectory for inflation in the short to medium term; Discuss the likely response of the central bank to the inflation trajectory, noting the specific monetary instruments, and goals of the central bank and any other considerations likely to influence monetary policy making; Discuss the likely evolution of the local currency yield curve, noting specific factors like the conduct of monetary policy and supply and demand dynamics in the fixed income market; Evaluate fiscal policy conduct and the impact thereof on the economy, reviewing the most recently published budget numbers, assessing the probability of the government's success in raising the budgeted revenues, the probability of the government being able to meet its expenditure targets and the likelihood of the government being able to borrow, both externally and domestically, the amount it intends to borrow; Review recent Eurobond price action, for countries that have issued Eurobonds, assess the factors likely to influence pricing over the next 4-6 months; Prepare and present tables and graphs of key historic and forecast data, ensuring that all data sources are appropriately noted. Production of the African Local Markets Monthly and writing appropriate sections thereof Agree on milestones for the production of the report, holding team members to account for meeting such agreed upon milestones; Ensure that the narrative for each country conforms to the appropriate format; Ensure that the publication is produced in accordance with the Group Research Policy Manual; For coverage countries, monitor high frequency data, evaluating the progress of the balance of payments, exchange rates, economic growth, inflation and interest rates in each country towards the projected trajectory for those variables For coverage countries, provide updated commentary on FX market developments, updating the near term (1 to 6 months) outlook for the currency For coverage countries, discuss recent inflation outcomes and the yield curve developments, noting how they alter the medium term outlook For coverage countries, evaluate whether recent inflation outcomes change the medium term outlook for monetary policy Writing of flash notes and trade ideas Ensure that team members monitor high frequency data and notable events like monetary policy meetings and the presentation of budgets, evaluating the progress of the balance of payments, fiscal balances, exchange rates, economic growth, inflation and interest rates in each country towards the projected trajectory for those variables Prompt team members to write snap analyses of the latest inflation release, noting the components having a pervasive influence on the headline inflation number, evaluating factors that could be pushing those components, make a judgment as to the durability of such factors and whether such developments warrant a change to the inflation, monetary policy or yield curve outlook For coverage countries, analyse the outcome of the latest monetary policy meeting, noting the factors that swayed monetary policy committee members, evaluate if there are reasons to change the outlook for monetary policy and the consequences of the policy decision on the yield curve For coverage countries, write a snap analysis of the latest government budget, assessing the likely impact on economic growth and the yield curve, assessing the probability of the government's success in raising the budgeted revenues, the probability of the government being able to meet its expenditure targets and the likelihood of the government being able to borrow, both externally and domestically, the amount it intends to borrow Monitor news flow and comment on events and announcements that signal a material change in balance of payments flows, government aid flows and borrowing, investment or consumer spending or the performance of specific sectors of the economy Write a note, triggered by factors that would warrant a material change in economic forecasts or anomalous pricing in the markets, making a trading recommendation should a compelling opportunity be indicated, having discussed the viability of such a trade with the Africa Structured Trading Desk Ensure that the publication is produced in accordance with the Group Research Policy Manual Publication of the Africa Brief Assign primary responsibility for the production of the report to an analyst in the team in Johannesburg, ensuring that such an analyst monitors news flow, keeping track of market and other pertinent developments warranting notifying clients, but with a very short term focus, encompassing developments that happened the day before and upcoming events over the following week Ensure that an appropriate back-up is at hand to take over responsibility for the report in the event that the primary analyst is not available Assist in editing and publication of the document on a daily basis Ensure that the publication is produced in accordance with the Group Research Policy Manual Publication of the African Financial Markets Handbook Agree on milestones for the production of the report, holding team members to account for meeting such agreed upon milestones Ensure that the publication is produced in accordance with the Group Research Policy Manual Ensure that team members communicate with Global Markets team in each country to provide the most up to date snapshot of the FX, rates and equity markets Ensure that team members verify FX market conventions like typical trade sizes, volume of daily turnover, bid/offer spreads and any exchange controls on the market Ensure that team members verify interest rate market conventions like the existence of withholding and other taxes, the typical monthly value of T-bills and bonds issued, the range of T-bills and bonds typically issued, auction schedule and auction allotment methodology Development and maintenance of an appropriate database Ensure that an appropriate up to date, relevant, accurate database is developed to store key statistical data, including the team's forecasts, on coverage countries Develop procedures that will allow team members to ascertain the validity of the data Liaise with national statistical agencies and Research Departments of central banks in coverage countries, seeking some of the data that they do not easily make publicly available Working with the Data Analyst, search for data that may be published in official documents made publicly available by government departments, regulatory agencies and parastatals Working with the Data Analyst, utilise publicly available databases such as those provided by the World Bank, United Nations (and its sister institutions) and the International Monetary Fund (IMF) Ensure that the Data Analyst provides data to internal and external stakeholders, as required Preferred Qualification and Experience Qualifications: Masters' Degree: Business Commerce; CFA Charterholder, or enrolled in the CFA program preferred. Experience: More than 10 years' experience in a senior role, primarily involving macroeconomic research and financial market analysis, encompassing marketing fixed income and currency investment ideas to institutional or currency hedging ideas to corporate clients. Knowledge/Technical Skills/Expertise Data Management The ability to effectively and efficiently manage business related data in an accurate manner, through the application of various technologies. Written Communication Ability to express ideas by means of clear and effective writing, in order to support professional communication internally within the Bank and externally. Economic Analysis Forecasting the impact of macro environmental factors on the potential performance of investments. Research The knowledge and understanding required to conduct research on investment opportunities, analyse financial performance trends and produce quantitative and qualitative information to inform investment decisions. Hedging Practical understanding of the tools available to reduce the risk of negative price movements of investments or assets. Bond Pricing Understanding of the relationships between the bond yield, the bond price and the link between the yield and the market price. Investment Analysis The ability to conduct assessments of the economic impacts, market trends, earnings prospects, stability and profitability of investment options.