David William Hennessy

Head of Client Service at State Street Abu Dhabi UAE. Responsible for managing client relationships for some of the world's largest and complex sovereign wealth funds; managing relationships for clients resident in Saudi Arabia, Kuwait, Oman, United Arab Emirates, Bahrain, Sudan. This position also involved working closely with senior management and local sales teams to implement State Street's strategic plan to triple revenues in the Middle East region.

• Client relationship management
• Managed team of 10 Client Service professionals
• Managed Client Service review meetings throughout the Middle East, including regular travel to client offices.
• Member of State Street Middle East Senior management team
• Strategic management and development of existing and new business
• Conducted request for proposal (RFP) for existing and new client business
• Onboarding new clients
• Fulfilled KYC and AML requirements
• Product development and project management
• Managed Local and Global Third Party Service Providers
• Agreed and monitored service level agreements (SLAs) and performance
• Member of Risk Management committee
• Member of EMEA Client Service management committee

Member of the senior management team responsible for servicing State Streets ETF clients providing solutions for mutual funds, hedge fund, UCITS funds, asset servicing business. Managed large Client Service teams with responsibility for servicing State Street exchange traded funds, UCITS, mutual funds business. Responsibility for managing the Third Party Securities Finance Team. Effectively managed increase in ETF AUM from US$60bn to US$500bn

• Responsible for ensuring superior client satisfaction by proactively identifying client needs and potential issues impacting clients
• Conducting weekly meetings with other client functional areas - Trade processing, Fund accounting, Futures, Reconciliations, ETF Product Team, Corporate Actions. Forum to discuss client service solutions.
• Managing regular client service review meetings to discuss service levels and address any client service issues which may have arisen
• Onboarding of new ETF funds and clients
• Meetings with the Tax team to discuss tax issues / structures of ETF funds
• Participation in new product development
• Participating in weekly new business meetings with other functional areas to co-ordinate the requirements for new fund launches
• Participating in presentations to prospective and existing clients
• Preparation of monthly client KPI / MIS
• Managing the delivery of accurate client reporting within agreed timelines
• Ensuring team are aware of requirements under the custody SLA and client agreements
• Providing strong leadership and motivation to 18 direct and indirect reports
• Escalation point for any client issues which need to be addressed
• Responsible for risk management by ensuring staff understands and adheres to all standard operating procedures, key controls, and client specific procedures
• Participating in weekly audit calls with fund auditors and co-coordinating audits of funds
• Managing and developing the ETF and 3rd Party Lending team by identifying the team's training requirements, working with Talent Acquisition to recruit new staff for ETF and other teams within the Custody group
• Interviewing and decision making on new appointments to Custody when required

I ran a number of businesses which involved sourcing Finance, preparing business plans, Taxation, recruiting staff, and strategic planning

AIG Global Securities Lending was one of the largest Global lenders in the Securities Lending business. With assets under administration in excess of $180 billion, the position was challenging and demanding and involved a broad range of responsibilities. The position involved managing staff in multiple sites across Ireland, UK and USA.

• Member of the AIG Ireland management team. This involved regular meetings with other AIG Senior Managers to discuss AIG strategy and new business development
• Responsibility for managing a team of up to 16 staff (10 based in Dublin office and 6 in New York office)
• Key point of contact in Dublin for all global clients, ensuring the continuous provision of very high service and ensuring all concerns were addressed in a professional and timely manner
• Preparation and participation of business presentations to both existing and new clients covering all aspects of AIG lending business
• Monitoring custody and service level agreements with both custodians and clients to ensure responsibilities were being fulfilled
• Responsibility for maintaining a proactive and professional relationship with all key client contacts through regular client meetings
• Regular meetings with AIG traders to discuss business activity and new business requirements. Reviewing the profitability and revenue streams of primary accounts
• Managing the processing and settlement of high volume trade activity
• Responsibility for the collateral management function, daily mark to market, re-investment of cash collateral
• Review and implementation of procedures and controls across all aspects of the business
• Responsibility for co-coordinating yearly AIG Internal and External audits
• Responsibility for preparation of monthly MIS reporting including compliance reports, Credit risk reporting, Client revenue reports
• Co-coordinating continuous systems development and testing in conjunction with systems providers, traders and AIG management
• Managing and developing the securities lending team by identifying the team's training requirements, working with HR department to recruit new staff
• Conducting half yearly and yearly staff reviews for both Dublin and New York operations teams
• Co-coordinating ongoing projects to ensure the business met the demands of clients and achieving yearly targets
• Familiarity with securities lending legal agreements
• Knowledge of double taxation agreements (withholding tax) and impact on dividends / Interest paid on loan positions
• Knowledge of UCITS Securities Lending guidelines
• Knowledge of client money account guidelines
• Knowledge of corporate action entitlements on loan positions

This position involved working on setting up a Securities Lending business within Bank of Ireland Securities Services (Now Northern Trust). The position involved training in the UK with Morgan Stanley and UBS on their securities lending trading desks. It also involved the specification and development of an in-house Securities Lending system which interfaced with the existing in-house global custody systems. The position also involved coordinating tax, compliance, trading, legal aspects of funds participating in the program.

• Assisted in setting up and running an Agency Securities Lending Desk. This involved training on Equity Financing Desks of major UK Institutions
• Development and implementation of Securities Lending and Collateral Management System
• Executing loan transactions on behalf of pension funds, UCITS and offshore funds in European, USA and emerging market funds
• Ensuring sufficient collateral margins and criteria were maintained on lent positions
• Ensuring the efficient processing of dividends and corporate actions arising on lent positions
• Review and implementation of procedures and controls across all aspects of the business
• Managing collateral positions - Non cash and cash
• Monitoring fund sale activity to ensure timely loan recalls
• Overseeing the daily and monthly reconciliation of lending fees
• Ensuring lending activity compliant with both financial regulator and Revenue Commissioners guidelines
• Liaising with Revenue Commissioners and tax advisors with regard to stock loan tax legislation
• Implementing credit guidelines as per Group Credit Control
• Regularly visiting borrowing counterparties in the UK to enhance lending product
• Business presentations to existing and potential new clients
• Attending conferences throughout Europe to meet borrowing counterparts and develop knowledge of the business

This was a new department set up within BoISS. The position involved managing a team of 5 people responsible for managing the relationships of custody clients.

• Responsibility for managing a dedicated client service team with the goal of developing the client service team to support the growth and development of funds under custody
• Working with Clients on new product and fund launches, service requirements and technology projects
• Regular presentations to both existing and new clients covering all aspects of BoISS custody business
• Ensuring all client queries were addressed in a professional, prompt and efficient manner
• Meeting with clients in relation to service levels and any additional services / IT requirements that may arise
• Meeting with potential clients to assess service levels they would require from BOISS
• Developing account plans for the defined customer base
• Responsibility for new system development and testing

• Responsible for collection of dividends and Interest payments from Global Investments
• Managing staff in Income Collection Department
• Managing relationship between global custodians and BOISS
• Providing daily valuations for IFSC clients
• Providing clients with information in relation to interest payments / corporate actions
• Providing clients with tax information - double taxation agreements - encashment tax issues, tax returns to Revenue Commissioners
• Developing information feeds to meet existing and new client demands
• Instructing FX trades back to base currency of client funds
• Daily reconciliation of client accounts
• Liaising with Bank of Ireland branch network with regard to income on private client investment and related taxation issues

• Attended both morning and afternoon Stock Exchange trading sessions.
• Executed Stock Exchange transactions including equity and fixed interest.
• Worked in Dealing Room providing back up and assistance to equity and bond traders.
• Advised private client dealers on market transactions.
• Provided portfolio valuations for Institutional Clients.
• Advised private clients on investments in various products and related taxation issues.
• Dealt with UK market makers.
• Dealt with the Government Broker.
• Carried out market deals on behalf of private clients.
• Settled purchases/sales of equities.
• Settled rights/bonus claims.
• Dividend claims/ New issues.
• Liaised with Central Bank in establishment of Gilts Settlement Office.
• Settled domestic and international bonds.
• Stock borrowings/Exchequer bills/REPOs.