Head of Absa Asset Management at Absa Bank Limited

Overall Job Purpose

Absa believes that Asset Management/Wealth Management is a key component of building our relevance across the financial services industry in Kenya.

The Absa Asset Management Limited is a wholly owned subsidiary of Absa Bank Kenya Ltd. The entity has 3 interlinked purposed to:

1. manufacture Asset and Wealth Management solutions suitable for the Kenyan market,
2. engage with Institutional and Corporate Clients to provide services to support their ongoing growth and success
3. provide Wealth management advice and solutions to High Net Worth and Retail banking customers.

The business structure has been created to meet these organizational goals, however as a new entity within Absa the business head will be expected to develop the organizational structure to unlock opportunities and accelerate the speed of growth.

 The role holder has strong skills in leading, managing and influencing through a matrix structure, whilst also having a track record in developing relationships, internally and externally to unlock growth whilst maintaining exemplary Control standards as a leader of a regulated business

Key Accountabilities & Time Split

Strategy execution – 20%

• Develop and implement the strategic business plan that is aligned to the strategic growth ambitions of Absa Asset Management and the Retail and Business Bank business objectives in Kenya
• Shape and drive the strategy of the Absa Kenya Wealth Management business replicating the Absa Wealth Strategy (incorporating a transition from providing only private banking products/ structures to Investment Banking Solutions
• Monitor progress against the plan and business priorities and work with the leadership team to maintain focus and traction
• Leverage cross functional relationships and networks to continually meet the needs of the client base.
• The Head of Wealth Management will help drive the future infrastructure objectives, certifying that these are fit for purpose and will facilitate the continual implementation.

Stakeholder management – 20%

• Build strong relationships with both global and local internal and external stakeholders.
• Effectively communicate developments within area of activity to all relevant stakeholders.
• Liaise with various Business Unit Heads within RRB Kenya, Absa Wealth to deliver to the Absa Kenya Wealth Proposition.
• Ensure impeccable and timeous service levels.
• Liaise with various Absa Kenya Business unit Heads to deliver to the Absa Kenya Wealth Proposition

Business performance management – 30%

• Responsible for defining the business unit growth projections I the short and medium term.
• Manage the commercial profitability of the Absa Kenya Business unit.
• Grow the client base, including reactivating any dormant accounts as and when they arise.
• Responsible for Sales and Distribution Targets and Fulfillment.
• Support the Wealth Relationship Managers in delivering business objectives.
• Identify and co- ordinate the overall financial budget including strategic investment and day to day business as usual costs.
• Directly responsible for the cost budget, headcount management and day to day oversight of the hiring process

People management – 10%

• Oversee the Management of Wealth Managers, any support staff, and their engagement with clients.
• Accompany the Wealth Managers on selected client engagement (New and Existing Clients) to determine client needs and requirements to implement appropriate actions.
• Manage the Wealth Managers and Support teams to ensure effective client service delivery.
• Develop a high performing Wealth Management team by embedding formal performance development and informal coaching. Encouraging frequent knowledge sharing between team members.
• Determine and analyze development needs for the team and ensure that identified training requirements are budgeted for and executed.
• Establish and maintain a succession plan for the team.
• Interview and recruit new members of the team, including determining appropriate compensation levels with input from HR.
• Create effective workforce and recruitment plans to ensure that current and future business requirements can be met. Plans should be revised at least twice a year.
• Address poor performance through the formal Performance Accelerator program and ensure that continued poor performance is appropriately dealt with.
• Motivate team members and ensure that their efforts are recognized.

Rigour compliance – 10%

• Ensure that all activities and duties are carried out in full compliance with regulatory requirements. Enterprise-Wide Risk Management Framework and Internal Absa Policies and Policy Standards. Understand and manage risk and risk events (incidents) relevant to the role.
• Ensure compliance / adherence to CMA regulations on investments management.
• Drive and own requirements for individual certification with relevant authorities
• Ensure compliance with operations risk and rigor requirements e.g., KYC and anti- money laundering measures.
• Ensure that all staff adhere to al Absa information Security policies and procedures through regular communication to staff and spot checks.
• Conduct regular quality checks on all processes, focusing on transactions with high financial levels and operational risks of the process, including Crisis Management, systems, reviewing control reports etc.
• Ensure that all Absa Africa procedures are followed.

Education and Experience Required:

• Masters/ Bachelor’s degree or equivalent in a related field (Investments, Finance, Law, Accounting/ Tax, Economics, Business Administration)
• Chartered Institute for Securities and Investment Certification by regulator (CMA)
• 10years previous management and leadership roles in Asset Management environment.
• Prior experience of working within Financial Services, preferably Asset Management

Knowledge and Skills:

• Preferably experience in banking and wealth management products, broad -based product exposure.
• Strong stakeholder management and communication skills
• Knowledge and experience of the onshore and offshore banking industry
• Experience of working with senior stakeholders
• Knowledge of strategic and tactical business planning processes
• Financial management and knowledge of accounting practices.
• Strong analytical/ numeracy skills
• Delivery of imaginative solutions under pressure and in a change environment.
• Ability to work on several tasks/ projects at the same time.
• Technically proficient in Microsoft suite of products (Word, Excel, MS Project, Visio and PowerPoint and new tools such as Business Objects
• Ability to work as part of a team.
• Strong commercial focus
• Ability to develop strong working relationships with clients
• Analysis and judgement.
• Team leading experience coupled with ability to work with senior stakeholders.

Knowledge, Expertise & Experience

(Relating to specialist knowledge and expertise required to undertake the role. May include knowledge of the Bank’s products, services, and policies) Essential

• (Preferable) In- depth knowledge of the full Absa Retail Product set, Local Business Services, and Corporate Business Services including Treasury.
• (Preferable) In- depth understanding of the full range of Asset Management product set, small business services
• Build an understanding of technical support systems e.g., FCR, BOC, IBOC, Core Pricing and Billing
• Good understanding of BARAF Risk Policy and Group governance requirements.
• Detailed understanding of Wealth and Premier Banking Strategy, operating structure, and Interface with other functions.
• Business management experience of a distributed channel; circa 3-5 years.
• An understanding of the personal high value clients’ needs in the Kenyan market.
• Good understanding of investment banking techniques and product.
• Understanding of Absa Retail Strategy, operating structure, and interface with other functions.
• Detailed working knowledge of Risk and Credit policies and procedures.
• Good understanding of group structure and interfaces with other functions.
• Detailed understanding of people policies and procedures.
• Up to date knowledge of competitor and market activity in local area.
• Graduate or relevant experience to compensate.  

Education

Bachelor`s Degrees and Advanced Diplomas: Business, Commerce and Management Studies (Required)