Product Manager - Private Banking

Job description / Role

One of the leading banks in Oman is looking for a Product Manager in their Private Banking Department.

Department: Private Banking
Reporting to: Head - Product Management

The Private Banking Group provides personalized services and a range of investment, wealth protection, deposit and loan products addressing specific banking, investment and advisory needs of the Ultra High net worth (UHNW) and High net worth (HNW) clients in Oman.

The main role is to identify new and emerging trends in the investment markets and develop and maintain our propositions to be fit for purpose in the UHNW/HNW client market segments in which the Private Banking Group is active.

This role will:
- Identify, evaluate, develop and promote new investment, protection, deposit, loan and such other regulated products and tailored propositions.
- Maintain a suite of recommendation lists.
- Support sales strategies and development.
- Support mitigation of regulatory and business risk.
- Oversee the completion of enquiries from sales and relationship managers.

Principal Responsibilities:

Origination:
- Create investment solutions for the Bank’s UHNW/HNW clients based on well defined client needs and market segments, the characteristics of which reflect the attributes of such products/propositions.
- Build and grow the offering suite for our Private Banking by proactively identifying and on boarding new investment ideas and by maintaining a suite of recommendation lists and products for the sales teams.
- Negotiating, finalizing and building effective revenue streams (both upfront and annuity ) for the offering suite, to generate fee income for attainment of business goals
- Act as subject matter expert, provide product knowledge and support to the sales team, raising awareness and understanding of the proposition and new product launches
- Work with clients and RMs to structure optimum investment solutions within bank’s regulatory framework and as per client’s risk appetite.

Structuring and Documentation:
- Interpret financial data, financial condition and level of risk related to various types of investment products
- Conduct effective and detailed due diligence on various investment products as well as product providers with a view to arrive at solutions that mitigate regulatory and business risks associated with any offering of the products by us, as per internal processes and guidelines.
- Ensuring all product related documentation as per process and introducing checks /controls if required.

Monitoring and review:
- Regular reviews of client portfolios and informing relationship managers / clients of any portfolio re allocation to be done , in case of changing market conditions
- Regular interaction with market experts to be updated on performance of past products and prevailing market conditions
- Providing regular product updates, strategic and tactical product recommendations and actionable intelligence to all relevant product stakeholders
- Provide analytical support for generating required product/ client reports from Wealth Management system

Information and reporting:
- Provide portfolio analysis and support regulatory reporting as needed
- Identify & implement opportunities for improved business operations, partnerships and client satisfaction
- Contribute to the development of plans, processes, systems and procedures to improve the overall functioning of the unit.

Requirements

- Professional /Post Graduate in Finance, accounting or related discipline
- 5-7 years of investment / private banking experience with 3+ years of experience on product management experience for high net-worth and ultra high net-worth clients.
- Demonstrated skill in ability to ideate structure and select ideal investment solutions for UHNW/HNW clients.
- Experience on investment advisory / research will be an added advantage
- Working knowledge of applicable Bank products and services.
- Excellent problem-solving skills and good process -facilitating
- Detail oriented, and good organizational, interpersonal, communication, and writing skills.

About the Company

AXIZ Consulting is based in the Dubai International Finance Centre and offers a bespoke, highly consultative recruitment service to local and international organisations across the GCC in both professional services and primary industries. Its founding two members come from a blend of executive search and contingent recruitment and they have taken some of the best practices of executive search and applied this to contingent recruitment in order to produce a service which offers maximum value to clients.

In order for us to build a successful company, we identified a core aim: to offer our clients a service that surpasses that of our competition. In order to do this, we have put into place both internal and external processes that ensure clients receive a consistent and professional service which gets the right results, in the right way.