Compliance Consultant - Funds & Investment Advisory
MassMutual
Location: Boston, MA or Springfield, MA
The Opportunity
MassMutual is launching a new investment platform, MassMutual AccessSM, to develop and manage closed-end fund products focused on private asset investment strategies. These funds will be part of a larger mutual fund complex that is advised by MML Investment Advisers, an SEC-registered investment adviser with more than $60 billion in regulatory assets under management. The MassMutual Funds complex is comprised of over 100 open-end funds offered through variable insurance products, retirement plans, and other distribution channels and a new closed-end, tender offer fund.
We are seeking to hire an experienced compliance professional with familiarity with the management of closed-end funds and private equity investment products, as well as the broader regulatory framework governing mutual funds. In this role, you will work in an innovative and collaborative environment where you will engage in many aspects of the mutual fund industry and build a deep understanding of our business to guide decisions and support strategic activities.
The Team
The Mutual Funds and Investment Adviser Compliance Team is responsible for running a mature but continuously improving compliance and ethics programs for the MassMutual Funds and the Funds’ registered investment adviser, MML Investment Advisers. This responsibility involves evaluating the adequacy and effectiveness of the Funds’ and Adviser’s policies and procedures; assessing compliance risks associated with new products and company operations; providing guidance to business partners on complying with company policies and complex regulations; administering a Code of Ethics; monitoring and responding to regulatory developments; identifying and helping to address conflicts of interest; supporting business initiatives; and conducting service provider due diligence. The team is comprised of a collegial and supportive group of experienced compliance professionals with a range of specialties, competencies, and skills.
The Impact
Compliance empowers people to do the right thing by fostering a culture of ethics and integrity throughout the company. We have visibility into almost every aspect of our business so we are uniquely situated to connect the dots and provide innovative solutions. There is no “typical day” in compliance – If you’re looking for a challenging opportunity to work on a dynamic, highly collaborative team with a noble purpose, you’ll love compliance.
We are seeking candidates who have mutual fund and investment advisory compliance, legal, risk, or operations experience with the passion, interest, and necessary skills to grow in this field. This position will report to the Chief Compliance Officer for the MassMutual Funds and MML Investment Advisers, and will be part of a team of compliance professionals who work both independently and collaboratively to support our business activities. This position will involve regular contact with personnel in mutual fund operations, investment management, fund accounting, legal, and some of the Funds’ service providers.
This position will have and are not limited to the following responsibilities:
Administration and oversight of policies and procedures governing the operations the MassMutual Access Funds, including around valuation procedures and the tender offer process
Provide compliance and regulatory advice and guidance to the Head of Investment Management Alternatives Product, Business Operations Manager, and others supporting the MassMutual Access Funds
Management of the Access Funds’ sub-adviser compliance oversight program:
Develop thorough knowledge of the compliance framework and practices for overseeing the Funds’ sub-adviser, including compliance with affiliated transaction exemptive orders under Section 17(d)
Review, assess, and monitor changes to the sub-adviser’s policies and procedures
Report on the sub-adviser’s compliance with applicable policies and procedures pertaining to management of the MassMutual Access Funds
Provide compliance oversight with respect to certain third-party service providers, including the Access Funds’ custodian
Assist in the preparation of Rule 38a-1 annual reports
Assist in the preparation of quarterly compliance reports for the MassMutual Access Funds Board of Trustees
Oversee the monitoring of portfolio compliance for the MassMutual Access Funds
Provide information and responses in connection with the annual advisory contract 15(c) renewal process
Perform testing and compliance oversight to ensure compliance with exemptive orders and other regulatory requirements
Remain current on regulatory requirements, developments, and best practices, and influencing the integration of such practices into our business for a best-in-class compliance program.
Identify education initiatives created by new regulations or areas needing further educational support; coordinate, develop, and/or provide educational programming.
Handle broader compliance projects and complete special assignments as required.
Core Competencies & Values:
Risk Awareness & Management – Identifies, assesses, and mitigates compliance risk in order to support the organization’s strategic goals. Provides the right advice, using the right approach, at the right time
Drives Change – Seeks out new opportunities, asks bold questions, and embraces new ideas and methods
Includes Others – Creates a welcoming environment that values people’s differences and contributions
Improves and Innovates – Understands how work impacts our business and constantly looks for ways to create a better customer experience
Develops People – Gives and receives feedback consistently and takes action to improve oneself and help others
Gets Things Done – Works collaboratively to move work forward and deliver on commitments
Focuses on the Customer – Understands our customers and put their needs first
Acts with Integrity – Is fair, honest, and empathetic
Champions Diversity – Embraces and reflects diverse cultures, backgrounds, experiences, and perspectives
The Minimum Qualifications
Meaningful experience (at least 4 years) in a regulatory compliance, legal, risk, or related function, ideally within the asset management or broader securities industry
Robust organizational skills and attention to detail, with the ability to manage diverse projects and assignments in a timely and quality manner in a complex work environment
Strong communication and interpersonal skills, with the ability to build rapport with third-party service providers and work across internal business groups in a confident and constructive manner, as well as the ability to draft well-written due diligence reports
Bachelor’s degree
Willingness for some travel
Exhibits highest ethical standards
The Ideal Qualifications
Meaningful experience (at least 6 years) in a regulatory compliance, legal, risk, or related function, ideally within the asset management or broader securities industry
Master’s degree or higher
Knowledge of closed-end fund and private equity investment structures
Strong analytical skills, with the ability to effectively identify, communicate, and address potential issues
Proficient with Microsoft Office programs and at least some exposure to data base and data visualization software
Ability to work independently and as a team player and to meet deadlines
Ability to deal effectively with peers, as well as clients at all levels and areas of the organization
Willingness to learn and ability to adapt to change driven by regulatory, industry, and business developments
This position also will require the associate to comply with an Investment Advisory Code of Ethics (“Code”) pursuant to SEC rules and regulations. In accordance with Code provisions, you may be required to disclose, among other things, personal securities accounts (including household members) and investment transactions directed by you or members of your household. The company will also need to obtain duplicate trade confirmations and account statements from applicable brokers for monitoring purposes. In addition, you will need to make disclosures required by Form ADV.
What to Expect as Part of MassMutual and the Team
Regular meetings with the Mutual Funds and Investment Adviser Compliance Team
Focused one-on-one meetings with your manager
Access to mentorship opportunities
Networking opportunities including access to Asian, Hispanic/Latinx, African American, women, LGBTQ, veteran, and disability-focused Business Resource Groups
Access to learning content on Degreed and other informational platforms
Your ethics and integrity will be valued by a company with a strong and stable ethical business with industry leading pay and benefits
About MassMutual
We’ve been around since 1851. During our history, we’ve helped millions of people find financial freedom, offer financial protection, and plan for the future.
Today, we continue to develop meaningful relationships with our customers by building their trust, being knowledge problem solvers and always prioritizing their needs. MassMutual is guided by a single purpose: We help people secure their future and protect the ones they love. As a company owned by our policyowners, we are defined by mutuality and our vision to put customers first. It’s more than our company structure – it’s our way of life.
MassMutual was recognized as an Ethisphere 2021 World’s Most Ethical Company, a Top Place to Work in 2020 according to The Boston Globe and named among America’s Best Employers for Diversity according to Forbes 2020. MassMutual ranks No. 123 on the Fortune 500 list of largest companies.
MassMutual is an Equal Employment Opportunity employer Minority/Female/Sexual Orientation/Gender Identity/Individual with Disability/Protected Veteran. We welcome all persons to apply. Note: Veterans are welcome to apply, regardless of their discharge status.
MassMutual is an Equal Employment Opportunity employer Minority/Female/Sexual Orientation/Gender Identity/Individual with Disability/Protected Veteran. We welcome all persons to apply. Note: Veterans are welcome to apply, regardless of their discharge status.