Asset Management - AVP - SMBC
New York, NY 10017
About the Job
SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 130 offices and 80,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges.
In the Americas, SMBC Group has a presence in the US, Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Capital Markets, Inc., SMBC MANUBANK, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd.
The anticipated salary range for this role is between $80,000.00 and $95,000.00. The specific salary offered to an applicant will be based on their individual qualifications, experiences, and an analysis of the current compensation paid in their geography and the market for similar roles at the time of hire. The role may also be eligible for an annual discretionary incentive award. In addition to cash compensation, SMBC offers a competitive portfolio of benefits to its employees.
Role Description
The Asset Managemnet & Loss Recovery Specialist is responsible for all aspects of asset management and loss recovery functions within the Asset Management department including but not limited to: residual valuation, equipment remarketing, portfolio reviews, end of lease monitoring, and loss recovery collections.
Role Objectives
The AM & LR Specialist is responsible for minimizing SMFL's potfolio loss position through maximizing remarketing pricing of SMFL inventory, setting accurate residuals, managing the end of lease process, and keeping accurate records and reporting. The AM &LR Specialist will work closely with Asset Management, Credit, Accounting and Sales teams on all remarketing and collection activities. The AM & LR Specialist will also assist the Accounting department to reconcile payment applications and 3rd party vendor payments.
The job responsibilities are described as follows:
- Manage all aspects of Appraisals, Residual Values, End of lease process, remarketing and loss recovery functions.
- Identify and develop relationships with external providers of repossession, appraisal, remarketing, and loss recovery / collection services.
- Perform equipment valuations and work with 3rd party providers to arrange inspections and appriasals.
- Work closely with Sales and 3rd parties to efficiently remarket and negotiate the sale of SMFL inventory to maximize recovery rates. Accurately document all costs associated with the remarketing of inventory.
- Work closely with the Collections team on those accounts that are trending towards repossession to forecast potential losses.
- Work with Asset Manager to prepare quarterly portfolio valuations and analysis on residual values
- Maintain and document communication with customers, this includes updating all customer comment logs, drafting / sending Bill of Sales, Notice of Sale Letters and Demand Letters for deficiency balances.
- Maintains collateral appraisal data obtained from external appraisors to develop equipment database.
- Prepare reports for management.
Qualifications and Skills
- 5-7 years of specialized experience in Financial Services
- Minimum of 5 years collections / asset management experience in leasing industry; or 3-4 years collections experience plus 2-4 years combined experience in credit and/or machinery, transportation and equipment appraisal, preferably at a leasing company; or an appropriate combination of education and experience
- Highly knowledgeable of all aspects of the leasing business from origination through maturity including repossession/resale/litigation/bankruptcy
- Strong communication skills with internal and external and both writing and interpersonal. Maintain professional attitude toward the customer, especially in the difficult situation.
- Knowledgeable to price the lease/loan transaction using TValue software or similar calculation tool.
- Ability to multitask and work under pressure under time constraint.
- MS Office (Word, Excel, Powerpoint) and Aspire.
Additional Requirements
SMBC’s employees participate in a Hybrid workforce model that provides employees with an opportunity to work from home, as well as, from an SMBC office. SMBC requires that employees live within a reasonable commuting distance of their office location. Prospective candidates will learn more about their specific hybrid work schedule during their interview process. Hybrid work may not be permitted for certain roles, including, for example, certain FINRA-registered roles for which in-office attendance for the entire workweek is required.
We are an equal employment opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, national origin, disability status, protected veteran status or any other characteristic protected by law. SMBC provides reasonable accommodations for employees and applicants with disabilities consistent with applicable law. If you need a reasonable accommodation during the application process, please let us know at accommodations@smbcgroup.com.
