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Federal Reserve System Associate Director, Foreign Reserves Management in New York, New York

Company

Federal Reserve Bank of New York

Working at the Federal Reserve Bank of New York positions you at the center of the financial world with a unique perspective on national and international markets and economies. You will work in an environment with a diverse group of experienced professionals to foster and support the safety, soundness, and vitality of our economic and financial systems.

The Bank believes in work flexibility to balance the demands of work and life while also connecting and collaborating with our colleagues in person. Employees can expect to be in the office a couple of days per week as needed for meetings and team collaboration and should live within a commutable distance.

What we do:

The Markets Group of the Federal Reserve Bank of New York (FRBNY) implements monetary policy on behalf of the Federal Reserve System, executes lender of last resort operations for depository institutions in the Second District, provides payments and custody services to foreign central banks, and acts as fiscal agent for the U.S. Treasury.

As part of these responsibilities, the mission of the trading desk in the Markets Group is to:

  • Implement domestic open market and foreign currency operations in a manner that is consistent with the FOMC authorization and directives.

  • Monitor and analyze global financial markets to inform the formulation and implementation of monetary and fiscal stability policy.

  • Produce New York Fed Reference Rates

  • Provide capital markets-related fiscal agency and other services to the U.S. Treasury.

  • Transact on behalf of foreign and international monetary authorities.

The Global Markets and Investments (GMI) Directorate within International Markets is responsible for:

  • Managing the U.S foreign exchange reserves

  • Analyzing global market and transformational trends, including identifying cross-cutting market themes, exploring transmission of shocks to U.S. and global markets, and evaluating implications for the trading desk's operations.

  • Coordinating and supporting analysis of ESG markets and System work on climate finance issues.

The GMI Directorate is seeking an Associate Director to oversee the Foreign Reserves Management (FRM) staff. The team is responsible for managing the U.S. foreign exchange reserves, composed of the euro and the Japanese yen portfolios of the System Open Market Account (SOMA) and the U.S. Treasury’s Exchange Stabilization Fund (ESF). The team contributes to the broader analytical activities of the trading desk through monitoring and analyzing developments in the markets in which these funds are invested, with a particular focus on market function, structure and liquidity. In this capacity, FRM collaborates closely with other staffs in the GMI Directorate as well as with the Foreign Exchange and Global Rates directorate, which is responsible for the analysis of international markets, the execution of FX swap lines and the execution of foreign exchange operations for both the SOMA and as fiscal agent for the Treasury. The FRM staff is also responsible for maintaining a general expertise in foreign reserves management theory and practices.

Your Role as Associate Director, Foreign Reserves Management:

  • Lead high-performing team of professionals responsible for the investment of the US foreign reserves portfolio, including the planning and execution of transactions, supporting the annual investment process, and counterparty management.

  • Promote an inclusive, collaborative, diverse, and transparent workplace in order to attract, develop and retain talent.

  • Manage relationships with key stakeholders across the Federal Reserve System and U.S. Treasury and with our custodians and other foreign reserves managers to achieve business and policy objectives.

  • Provide strategic direction, oversight and expertise to the team’s analytical and policy work on the investment framework and eligible euro- and yen-denominated markets.

  • Direct the alignment of resources including people, data, and technology with the business’ long-term objectives and work with the GMI and FXGR leadership teams to develop and execute business area strategy. Align the strategic plan with Group/Bank long run goals and oversee its implementation.

  • Promote sound risk management practices and ensure a robust control environment and culture. Work with first and second line partners to ensure the readiness, resiliency and effectiveness of operational tools and processes to support FRM’s operations.

Note: Some domestic and international travel required.

What are we looking for:

  • Demonstrated leadership and decision-making capability in a staff role adapting to change to drive progress related to business-critical responsibilities.

  • Seasoned understanding and demonstrated interest in international financial markets, portfolio management concepts, and monetary policy.

  • Track record of successful leadership that inspires a diverse and inclusive environment to drive progress, promote excellence and proactively manage change in a complex and dynamic environment.

  • Demonstrated ability to coach, develop and assess skills among team members

  • Ability to think strategically, frame options and outcomes, encourage and draw on diverse perspectives and experiences, and influence groups to decision and execution.

  • Proven analytical and critical thinking skills and analysis on complex topics;

  • Emotional intelligence, with the demonstrated ability to build trust and develop strong collaborative and inclusive relationships through candor, reliability and authenticity as a leader and colleague.

  • Ability to effectively represent the business area and the Bank, as appropriate, with external counterparts on issues related to the U.S. foreign reserves.

  • Ability to communicate authentically and effectively up, down and across the organization both verbally and in writing.

  • Prior staff management experience preferred.

  • Experience trading fixed income products and managing operational risk, preferred.

  • Some familiarity with analytical tools and statistical techniques to understand portfolio management theory and/or market structure and liquidity preferred.

Touchstone Behaviors set clear expectations for leading with impact at every stage of our careers and aspire to achieve in our continued growth and development.

Communicate Authentically : Empathetically engage one another with direct and transparent dialogue and listening. Actively discuss viewpoints with respect and compassion in a timely and candid manner, taking into account verbal and nonverbal cues. Ask questions, learn from each other, and share information widely to move the Bank's work forward.

Collaborate Inclusively : Inspire a diverse and inclusive environment that empowers others to contribute meaningfully. Intentionally bring a diverse set of people together to achieve positive business results.

Drive Progress : Grow and adapt to changing priorities in the Bank. Experiment with new concepts and take appropriate risk to drive innovation. Remain curious and action oriented, navigating through ambiguity and uncertainty to drive outcomes.

Develop Others : Equitably champion, mentor, and develop others to grow professionally. Demonstrate vulnerability and empathy to create a trusted environment.

Take Ownership : Establish an environment of action and excellence by holding self and others accountable to execute to the highest standard.

Benefits:

Our organization offers benefits that are the best fit for you at every stage of your career:

  • Fully paid Pension plan and 401k with Generous Match

  • Comprehensive Insurance Plans (Medical, Dental and Vision including Flexible Spending Accounts and HSA)

  • Subsidized Public Transportation Program

  • Tuition Assistance Program

  • Onsite Fitness & Wellness Center

  • And more (https://www.newyorkfed.org/careers/benefits_health.html)

Please note that the position requires access to confidential supervisory information and/or FOMC information, which is limited to "Protected Individuals" as defined in the U.S. federal immigration law. Protected Individuals include, but are not limited to, U.S. citizens, U.S. nationals, and U.S. permanent residents who either are not yet eligible to apply for naturalization or who have applied for naturalization within the requisite timeframe. Candidates who are permanent residents may be eligible for the information access required for this position if they sign a declaration of intent to become a U.S. citizen and pursue a path to citizenship and meet other eligibility requirements.

In addition, all candidates must undergo an enhanced background check, comply with all applicable information handling rules, and will be tested for all controlled substances prohibited by federal law, to include marijuana.

The Federal Reserve Bank of New York is committed to a diverse workforce and to providing equal employment opportunity to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.

The successful candidate must be fully vaccinated against COVID-19, and receive a booster shot within 30 days of being eligible to do so, *unless the Bank grants an exemption based on a medical condition or sincerely held religious belief. *

This is not necessarily an exhaustive list of all responsibilities, duties, performance standards or requirements, efforts, skills or working conditions associated with the job. While this is intended to be an accurate reflection of the current job, management reserves the right to revise the job or to require that other or different tasks be performed when circumstances change.

Full Time / Part Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Yes

Job Category

Markets

Work Shift

First (United States of America)

The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.

Privacy Notice (https://www.kansascityfed.org/documents/7797/Workday_Privacy_Notice.pdf)

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