Deputy Chief Compliance Officer (Dcco)

COMPANY OVERVIEW

PRIMECAP Management Company (PMC) was founded in September 1983 in Pasadena, California, as an independent investment management company. PMC is the investment advisor for each of the three PRIMECAP Odyssey Funds. The firm also manages equity portfolios for a limited number of institutional clients, including most notably the Vanguard Group.

PMC is a long-only, equity-only investment management company that strives for excellent long-term returns by adhering to four key principles: 1) commitment to fundamental research; 2) maintenance of a long-term investment horizon; 3) emphasis on individual decision-making; and, 4) focus on value. PMC presently has approximately $125 billion of assets under management.

POSITION SUMMARY

The Deputy Chief Compliance Officer (DCCO) is a newly created position at PMC. The DCCO will be a critical staff member responsible for assisting the CCO in overseeing the Firm’s compliance program, compliance with all laws, and adherence to regulatory requirements. Given recent changes to the Firm’s middle office operations platform as well as the increasingly complex regulatory environment, PMC is seeking a DCCO to augment the Firm’s compliance program.

MAJOR RESPONSIBILITIES

The position requires an analytical professional who can:

• Implement and enforce compliance policies and procedures and continuously evaluate the effectiveness of the Firm’s and Funds’ policies and procedures, in order to recommend appropriate enhancements where needed.

• Support the development and implementation of the compliance program, working closely with PMC’s business functions to evaluate identified risks and adherence to policies and procedures by the business functions and key service providers.

• Participate in the ongoing implementation and execution of PMC’s risk assessment and testing program, including the following: assessing key business processes and critical business risk and controls; developing and updating the risk matrix; documenting a testing plan and compliance testing procedures; executing existing procedures and internal controls for critical business areas; evaluating, documenting and presenting results of test work; and, identifying enhancements and remedial actions required to address compliance observations.

• Assist with PMC’s and the Funds’ vendor management program to determine that service providers, suppliers and consultants are in compliance with applicable rules and regulations and that they have their own adequate compliance programs in place.

• Develop a strong understanding of PMC’s business and the different business functions and their roles in supporting PMC’s objectives.

• Assist with the development and execution of compliance projects and the implementation of strategic initiatives.

• Evaluate external requests for information and draft appropriate responses regarding PMC’s compliance program.

• Quickly respond to and effectively partner with the various PMC groups around compliance requirements.

• In conjunction with PMC’s CCO, IT Coordinator, COO, and Head of Applications and Data, participate in cross-functional management of the Firm’s cybersecurity program, to include awareness training.

• Take the initiative in learning new relevant compliance skills and the appropriate application of new regulations.

EXPERIENCE AND QUALIFICATIONS

PMC’s DCCO must be an experienced compliance professional of unquestionable values and ethics. This person should have at least eight to ten years of compliance-related experience in the financial services industry, primarily with registered investment advisors.

Specifically, she/he should meet most of the following criteria:

• Excellent academic credentials; JD degree would be considered favorably.
• Significant investment management compliance experience.
• In-depth, expert knowledge of the Investment Advisers Act of 1940 including prior experience in the implementation of compliance programs under rule 206(4)-7.
• General knowledge of regulatory requirements of US mutual fund managers and experience with mutual fund compliance programs under Rule 38a-1; knowledge of FINRA mutual fund rules would be a plus.
• Experience evaluating evolving regulatory requirements and supporting compliance program enhancements designed to prepare business partners and the firm for compliance with new rules.
• Experience engaging with regulators in regard to examinations and requests, or other SEC regulatory work experience.
• A proven career track record of success in holding a series of compliance positions of increasing scope and responsibilities.
• Ability to balance regulatory and policy standards along with a practical business perspective.
• A highly motivated self-starter with the willingness to “roll up your sleeves.”
• Willingness to move quickly and flexibly to provide timely and practical advice.
• A creative problem solver with strong analytical skills.
• Exceptional organizational skills; the ability to effectively prioritize tasks, follow up, and produce accurate work while meeting strict deadlines.
• Ability to communicate clearly and effectively in a written and oral manner.
• An exceptional listener who knows when and how to tactfully speak up and assert her/his point of view.
• A team player with excellent collaboration skills and the ability to work effectively with both internal and external stakeholders.
• Experience and competence at managing third-party vendors, consultants, and service providers that the firm may engage to augment certain compliance-related work activities.
• Competence with the Microsoft Office suite of productivity applications, especially Excel, Word and PowerPoint.
• Familiarity with the administration and maintenance of ACA’s ComplianceAlpha and SS&C’s Eze applications would be a plus but is not required.

COMPENSATION

The annual base salary range for this position is estimated to be $125K to $250K, and any actual salary offer would be dependent on the depth and breadth of the candidate’s relevant professional compliance expertise and experience. In addition to base salary, PMC’s total compensation package also features a generous profit-sharing plan, healthcare benefits, and a tradition of paying discretionary annual cash bonuses.

EMAIL CONTACT

Qualified applicants should contact: recruiting@primecap.com

Job Type: Full-time

Pay: $125,000.00 - $250,000.00 per year

Benefits:

• Dental insurance
• Health insurance
• Paid time off

Schedule:

• 8 hour shift
• Monday to Friday

Application Question(s):

• Do you have eight or more years of compliance experience with an investment management company or RIA?
• Do you have expert understanding of the Investment Adviser's Act of 1940?

Ability to Relocate:

• Pasadena, CA 91105: Relocate before starting work (Required)

Work Location: Hybrid remote in Pasadena, CA 91105