Senior Associate, Cash, Derivatives & Collateral - London, UK

About Us

With $313.7 billion of gross assets under management, as of March 31, 2026, British Columbia Investment Management Corporation (BCI) is the provider of investment management services for British Columbia’s public sector and one of the largest asset managers in Canada. BCI seeks investment opportunities around the world and across a range of asset classes that convert savings into productive capital. Our investment returns play a significant role in helping our institutional clients build a financially secure future for their beneficiaries.

Headquartered in Victoria, British Columbia, and with teams spanning Vancouver, New York, London, and Mumbai.

BCI integrates environmental, social, and governance (ESG) factors into all investment decisions to meet clients' risk and return requirements. Our people shape employee-focused initiatives, creating a strong culture. To learn more about our culture and values, visit our BCI Values in Action page.

POSTING CLOSE DATE: October 4, 2026

We are currently seeking a Senior Associate, Cash, Derivatives & Collateral to join our growing Investment Operations team in London, United Kingdom. This is an exciting opportunity to join a new and growing team at one of Canada’s largest asset managers. This is a unique opportunity to work with and grow your career with a best-in-class investment operations platform!

THE OPPORTUNITY

Based in London, United Kingdom and reporting to the Head of Cash, Derivatives & Collateral, the Senior Associate holds end-to-end operational responsibility for BCI’s exchange-traded and OTC derivatives book across all asset classes and clients, spanning trade capture and confirmation through lifecycle management, settlement, and regulatory reporting.

The role is also responsible for the efficient management of cash liquidity on behalf of clients and asset classes including the daily FX netting and hedging program, maintaining strategies within pre-defined hedging ratios and netting FX spot transactions to reduce costs; directs collateral funding decisions to meet daily variation and initial margin obligations with BCI counterparties; and provides day-to-day oversight of BCI’s securities lending program, optimizing security selection and utilization to maximize revenue.

The Senior Associate utilizes various tools to manage daily position information, trade confirmations, and daily mark-to-market valuation of derivative positions and cash management. They leverage AI models, agentic workflows, and automation tooling, developed in partnership with Financial Engineering, to streamline daily workflows and cash forecast models, triage exceptions, and support collateral selection and securities lending decision making. They work closely with portfolio managers, investment risk, clients and internal business units in the implementation of process improvements.

They are responsible for ensuring accurate daily valuations, position and cash management with the exchange and external parties, and for maintaining a real-time view of collateral inventory to support optimized collateral selection. They prepare derivatives and cash reports that are used by the traders and portfolio managers to make roll decisions and assist in asset allocation decisions, as well as decisions made by themselves (e.g. cheapest-to-deliver collateral selection, resets, fixings, corporate actions, triggers, etc.).

DEPARTMENT DESCRIPTION

Investment Operations (IO) delivers institutional-grade capability across cash management, derivatives and collateral, foreign exchange, trade settlement, corporate actions, and custodian oversight. Partnering with BCI's investment teams to design and execute end-to-end solutions that translate investment strategy into operational reality. The department manages this capability entirely in-house, supported by internally built quantitative models, AI-powered liquidity tools, and automated workflows that operate at the forefront of the industry. The department is organised into three branches: Investment Services and Settlements; Markets and Liquidity; and Financial Engineering.

WHAT YOU BRING

• Relevant university degree or diploma (emphasis on Business, Economics, Finance, or related field).

• Professional designation (e.g. CFA, CA, CPA, MBA, CAIA, FRM) or industry accreditation is an asset.

• 5+ years of progressive, related experience (preferably with a large asset management firm, investment firm, or banking institution). An equivalent combination of training, education and experience will be considered.

• Proficient understanding of agency securities lending programs, including the loan lifecycle, recalls, borrower counterparty limits, collateral reinvestment, and agent lender oversight.

• Proficient understanding of global capital markets, financial instruments, valuation methodologies, data components, accounting principles, unitized pool transactions, corporate actions and global payment and settlement mechanisms with the ability to change priorities in response to the needs of stakeholders.

• Advanced understanding of regulatory reporting regimes (e.g. EMIR, CFTC, Canadian trade reporting), Uncleared Margin Rules, requirements for calculating Initial Margin, applying SIMM methodology, as well as techniques to optimize collateral management.

• Proficient in Foreign Exchange (FX) hedge management, derivative valuations, the use of quantitative valuation models and analytics supporting derivatives, investments and funding decisions (e.g. derivative and cash models, Bloomberg AIM, ICE Portfolio Analytics, Acadia TriResolve and Margin Manager, MarkitWire, RStudio, Python, VBA, SQL).

• Experience applying AI models, agentic workflows, and automation tools to streamline operational processes and enhance decision making is an asset.

WHAT YOU GET TO DO

• Completes daily valuations and Profit and Loss optimization of lifecycle events for listed and over-the-counter (OTC) derivatives across Equity, Fixed Income, FX, and Credit, including reset management and generating reset income, fixings, expiries, triggers, and corporate action elections.

• Manages cash on behalf of clients and asset classes, including cash forecasting, cash position management, and internal transactions. 

• Supports cash management strategies to optimize the liquidity for clients and asset classes.

• Executes BCI asset allocation movements and applies business judgment to meet allocation targets.

• Sets up and confirms new OTC derivatives trades, performs amendments (fixings, cash flow schedules), approves OTC derivatives trades in the derivatives execution order management system, and reviews and executes derivative legal agreements (e.g., confirmations).

• Supports derivatives regulatory reporting obligations by validating trade repository submissions and identifying and resolving reporting breaks within required deadlines.

• Monitors client liquidity and proposes trades to ensure compliance is maintained within BCI policies. 

• Manages FX hedge rolls within predetermined hedging ratios by entering FX hedge trades while mitigating roll and concentration risk to optimize FX returns following BCI’s internal directive, and nets FX spot trades to reduce costs.

• Calculates, issues, and confirms daily variation and initial margin calls; monitors counterparty exposures and resolves valuation and initial margin disputes by reviewing Equity, Interest Rate, and FX risk sensitivity data, maintaining the dispute log and escalating aged items.

• Makes collateral funding decisions for variation and initial margin movements by applying cheapest-to-deliver analysis across eligibility schedules, haircuts, and opportunity cost to minimize funding costs and increase securities lending revenue as defined in internal directives and frameworks.

• Maintains a real-time view of available collateral inventory across systems, the custodian, and clearing accounts, and liaises directly with the custodian and counterparties to process collateral movements within the specified deadlines.

• Monitors the agency securities lending program, reviews daily loan activity and utilization rates, and escalates exceptions to support optimized collateral funding and increased returns for clients while mitigating risk.

• Coordinates securities lending recalls to ensure loaned securities are returned in time for sales, corporate actions, and proxy voting requirements.

• Leverages AI models and agentic automation, in partnership with Financial Engineering, to streamline workflows across derivatives lifecycle management, margin call processing, and securities lending monitoring, and to enhance the quality and speed of collateral and lending decision making.

TO APPLY

Apply online with a copy of your resume. We encourage timely submissions of applications as candidates will be actively reviewed and the interview process may advance earlier.

At BCI, we value diversity and believe in fostering an inclusive culture where all employees can be successful. We are performance and client focused and value integrity; if you share these values, we want to know you.  We recognize that some skills can be learned on the job and encourage all to apply. If you require an accommodation for the recruitment process (including alternate formats of materials, accessible meeting rooms or other accommodations), contact us at hr@bci.ca.