Securities Services/Institutional Trust & Custody Attorney

Chicago, IL
Full Time
Practice Areas: Financial Institutions Job #: 2021-0046098 Exp.: 5+ Years
U.S. Bank is seeking an attorney to join the Law Division’s Wealth Management & Investment Services legal team to support U.S. Bank’s Institutional Trust & Custody business. U.S. Bank offers (1) trust accounts and custody accounts for insurers, to support their reinsurance arrangements or hold their statutory deposits or general assets, (2) corporate custody accounts, to hold companies’ operating funds, (3) custody accounts for hedge funds and private-equity funds, to hold their underlying investments, (4) omnibus custody accounts for banks and trust companies, to provide a back-office for their securities operations, (5) environmental trust accounts for property owners, to fund their environmental monitoring and remediation, (6) investment-management services, for customers who delegate investment discretion to the bank, (7) securities-intermediary services, for customers who pledge their custody accounts as loan-collateral, and (8) customer-segregated accounts for brokers, to hold their required cash reserves.

In connection with those products and services, this position (1) interacts with sales, relationship, administration, operations, risk, and compliance staff; external customers; and external customers’ legal counsel, (2) negotiates complicated service contracts, (3) supports account on-boarding and administration, (4) monitors the evolving regulatory and litigation environment and advises on complying with regulatory expectations and minimizing litigation risk, (5) advises on risk-control procedures and template service contracts, (6) contributes legal expertise to product-development and novel account-investment transactions, (7) supports responses to internal and external audits and administrative reviews, regulators’ exams, demands, litigation, regulatory action, and customer bankruptcy, (8) educates bank personnel about relevant legal topics, and (9) manages outside legal counsel.

This position offers candidates a career with exposure to a variety of legal issues, while working with various departments at U.S. Bank to serve as a trusted legal and business advisor. This position will be located in St. Paul, Minnesota (although other locations will be considered), is a hybrid position (3 workdays per week in the office and 2 workdays remote), and reports to the chief counsel of U.S. Bank’s Institutional Trust & Custody Division.

Basic Qualifications:
  • Law degree
  • Licensed by and in good standing with the appropriate state bar association or other appropriate state attorney licensing authority

Preferred Skills/Experience:
  • 5 or more years of in-house legal department or law firm experience advising financial institutions.
  • Experience advising trustees, custodial banks, investment advisers, brokers, or insurance companies on investment ownership, registration, and administration is preferred.
  • Expertise preferred in one or more of the following areas of law: (1) fiduciary (OCC Reg. 9 and state trust law), (2) insurance (state reinsurance and statutory-deposits regulation), (3) securities (investment types, trading, settlement, ’40 Act exemptions, Exchange Act Rule 15c3-3), and (4) Uniform Commercial Code (Article 9).
  • Strong analytical skills.
  • The ability to work independently.
  • Comfort with and interest in working on a variety of legal matters.
  • Excellent written, oral and interpersonal communication skills.
  • Strong commitment to client service.

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