Legal Counsel (Derivatives Specialist) at Ninety One

Job Overview

The Ninety One legal team is a global team within Ninety One, with lawyers in South Africa, the UK and the USA.  This particular role is a senior level role which will be based in Cape Town but will have a global remit and will support Ninety One’s global derivative initiatives.

There is a need to find a senior candidate with a good legal background, with a strong level of knowledge and experience in negotiation of derivative documentation and the changing environment in the derivatives space globally.  The role will also provide some exposure to other areas of Ninety One’s business as a result of the fact that the global legal team provides support to Ninety One’s entire business.

Key Responsibilities

Key responsibilities and day-to day-work to include as many of the below as possible:.

• Working across the global Ninety One business with respect to OTC derivatives and exchange traded derivatives investments, in particular through the negotiation of ISDAs, CSAs, GMRAs, CDEAs, GMSLAs, trade confirmations and master confirmation agreements.
• Keeping up to date with derivative-based regulatory change and rules in the various markets in which Ninety One operates globally, in particular regulations in EU, UK, US and SA.
• Overseeing, managing and developing the derivatives function within the Ninety One Legal Team globally
• Prioritisation and allocation of derivatives-related work globally.
• Liaising internally with internal teams throughout derivative negotiation process to ensure that terms are within agreed parameters.
• Drafting and advising on derivatives working in segregated mandate investment management agreements and fund documentation.
• Onboarding new funds/clients to derivative trading documentation, including assistance with legal issues relating to regulatory classification of counterparties.
• Assisting the business with post-trade issues and discrepancies arising from trade confirmations, market events and collateral disputes with derivative counterparties.
• Attending internal cross-departmental OTC derivatives related project meetings.
• Instructing local counsel in different jurisdictions, managing costs.
• Assisting other members of the internal legal team as required on broader contracts such as Ninety One’s commercial agreements

Candidate Requirements

Technical Knowledge and Experience:

• Qualified lawyer ideally suited to candidates with 5 years+ post qualification experience.
• Experience gained working within a private practice financial services team, asset management firm or similar financial institution.
• Strong experience of negotiating derivative documentation.
• A working knowledge of the asset management industry and fund structures is beneficial.
• Good understanding of regulation pertaining to all aspects of OTC trading with an ability to review, interpret and apply existing and new regulation in respect thereof, in particular the UK, SA, US and EU rules pertaining to margin and clearing.
• Preferable experience in identifying and understanding required authorisation language pertaining to all aspects of OTC trading as required by OTC derivatives rules applicable in SA, the US, the EU, the UK as well as the relevant client’s jurisdiction and drafting such language into segregate mandate investment management agreements.
• Good understanding of ISDA related material currently affecting global markets such as IBOR, overnight rate changes, benchmark changes, in addition to open ISDA Protocols.
• Preferable high-level knowledge of key legislation applicable to certain institutional client types (eg. ERISA) and fund range product structures (e.g. OEIC, SICAV, LLC, CIS/Unit Trusts etc)..
• Strong research and opinion writing skills is valuable, particularly an ability to convey complex legal principles to other areas of the business in a manner that is clear and easy to understand.

Personal Attributes:

• Must show confidence to be able to quickly build up and maintain effective working relationships
• Self-motivated individual, analytical, pro-active, solution-minded
• High attention to detail with a business centric approach to providing legal advice internally
• Must be organised, energetic and maintain a flexible approach to working both within a team and also on own initiative
• Must have strong capacity for developing knowledge and skills
• Must be able to meet tight deadlines and deliver expected outcomes
• Proven ability to multi-task and navigate a fast-paced environment
• Excellent communication skills required (written and oral)
• Some international travel required

Risk and Compliance Responsibilities

• Adhering to the Code of Ethics and related policies, including personal account dealing, gifts, market abuse, etc.
• Ensuring Compliance training, declarations and relevant forms are completed on a timely basis
• Ensuring that firm and client data and property, including IT data, are properly protected
• Reporting any possible and actual breaches, errors, complaints or conduct issues.
• Reporting any suspicion that a client, investor, or employee may be involved in money laundering, fraud or other crime such as market abuse