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Lead Depositary Specialist , Managing Director

senior · Risk & Compliance

Who we are looking for

We are looking for a senior Depositary technical specialist to lead, challenge, and enhance the effectiveness of Depositary oversight across UCITS, AIFs, and other regulated fund structures. The role requires deep subject-matter expertise in UCITS, AIFMD, Central Bank of Ireland requirements, ESMA guidance, and related legislation relevant to depositary oversight, with particular strength in investment restrictions, safekeeping, cash-flow monitoring, oversight controls, regulatory interpretation, and change management. The Managing Director will act as a senior technical authority for the Depositary function, supporting robust investor protection, regulatory compliance, and consistent application of oversight standards across jurisdictions.

Major Responsibilities:

The Managing Director will provide technical leadership for Depositary oversight, ensuring that regulatory obligations are understood, translated into effective operating practices, and embedded consistently across the business. The role will require credible engagement with clients, internal senior management, regulators, legal and compliance partners, and cross-functional teams to strengthen the Depositary control framework and maintain a high standard of investor protection.

As Lead Depositary Specialist, you will:

• Act as a senior technical authority for Depositary oversight, providing expert interpretation of UCITS, AIFMD, Central Bank of Ireland requirements, ESMA guidance, fund constitutional documents, prospectuses, and related regulatory obligations.
• Lead the development, implementation, and continuous enhancement of Depositary oversight frameworks, policies, procedures, controls, and operating standards.
• Provide deep technical leadership on investment restriction monitoring, including rule interpretation, regulatory and prospectus limit analysis, breach assessment, escalation, remediation, and control design.
• Oversee and challenge the effectiveness of core Depositary duties, including safekeeping oversight, ownership verification, cash-flow monitoring, valuation oversight, income distribution oversight, and instruction control.
• Lead technical assessment of new funds, fund changes, prospectus updates, investment strategy changes, new asset types, derivatives, efficient portfolio management techniques, liquidity management tools, and other product developments.
• Drive regulatory change management for matters affecting Depositary oversight, including impact assessments, interpretation of new requirements, implementation planning, control updates, training, and post-implementation review.
• Provide independent challenge and escalation on complex oversight, governance, risk, control, and regulatory issues across jurisdictions.
• Coordinate and standardise governance reporting, including Board and Committee materials, ensuring clear articulation of technical risks, regulatory issues, breaches, remediation plans, and management actions.
• Partner with Risk, Compliance, Legal, Operations, Product, Fund Accounting, Custody, and Technology teams to strengthen oversight controls and ensure regulatory requirements are embedded in day-to-day processes.
• Represent Depositary in senior governance forums, client due diligence meetings, regulatory interactions, industry discussions, and internal technical forums.
• Identify emerging regulatory, product, market, and operational risks affecting Depositary oversight and lead continuous improvement initiatives to address them.
• Develop technical capability across the Depositary function through coaching, knowledge-sharing, training, standards development, and review of complex matters.
• Promote a strong culture of governance, accountability, regulatory discipline, investor protection, and constructive challenge across the Depositary function.

What we value

These skills will help you succeed in this role

• Technical Authority: Expert ability to interpret and apply UCITS, AIFMD, Central Bank of Ireland requirements, ESMA guidance, and fund documentation to practical Depositary oversight scenarios.
• Investment Restrictions Expertise: Strong command of regulatory, prospectus, and mandate-based investment limits, including derivatives, leverage, eligible assets, counterparty exposure, concentration, borrowing, liquidity, and diversification requirements.
• Change Leadership: Proven ability to lead regulatory, product, operating model, and control change from impact assessment through implementation and embedding.
• Governance and Challenge: Ability to provide credible independent challenge, escalate issues appropriately, and support clear decision-making in senior governance forums.
• Stakeholder Management: Ability to influence and engage senior stakeholders across business lines, legal entities, functions, regions, clients, and regulators.
• Regulatory Judgement: Ability to assess complex regulatory questions, balance risk and practicality, and support defensible outcomes.
• Communication: Strong written and verbal communication skills, with the ability to explain complex technical matters clearly to both specialist and senior executive audiences.
• Control Mindset: Strong focus on governance, documentation, evidence, escalation, remediation, and sustainable control design.
• Collaboration: Ability to work across Risk, Compliance, Legal, Operations, Product, Fund Accounting, Custody, and Technology to deliver integrated oversight solutions.
• Accountability: Strong ownership of outcomes, technical standards, regulatory compliance, and investor protection obligations.

Education & Preferred Qualifications

• Degree qualified; relevant professional, legal, accounting, risk, compliance, fund administration, investment management, or financial services qualifications would be advantageous.
• Extensive experience in Depositary, trustee, fund oversight, fund accounting, compliance, legal, risk, custody, or a closely related funds industry role.
• Expert knowledge of UCITS and AIFMD requirements relevant to Depositary oversight, including safekeeping, cash-flow monitoring, oversight duties, liability, delegation, conflicts, and escalation obligations.
• Advanced knowledge of investment restriction monitoring and interpretation, including eligible assets, diversification, concentration, leverage, derivatives, efficient portfolio management, liquidity tools, borrowing, counterparty exposure, and prospectus-based restrictions.
• Strong understanding of Central Bank of Ireland requirements, ESMA guidance, Irish funds regulation, fund constitutional documents, prospectus requirements, and industry practice relevant to Depositary oversight.
• Demonstrated experience leading regulatory change, product change, control enhancement, or operating model change within a regulated funds environment.
• Experience reviewing complex fund structures, new products, fund launches, prospectus changes, investment strategy amendments, and operational change proposals from a Depositary perspective.
• Strong understanding of governance frameworks, risk management, control environments, breach management, incident escalation, audit, due diligence, and regulatory engagement.
• Experience operating across multiple jurisdictions and aligning diverse teams, processes, controls, and governance standards.

About State Street

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