Ashish Rao
Pune
Summary
Accomplished business operational executive with an impeccable track record, strong business acumen, built on 17.5+ years of experience in financial capital markets operations within trade support, custody fund accounting and middle office roles for top tier investment banks, Asset management, servicing firms. Thought leadership for advancing strategic direction around service delivery, risk management, performance management frameworks, cost reductions, transformation including automation and digitalization. Possessing over 13 years of extensive managerial and team leadership experience, with strong track record of managing team in multiple locations, overseeing a team of 10-12 direct reports and supervising a process unit of 50+ members. Experienced in navigating various geographies including APAC, EMEA and NAM. Extend diverse and cross functional experience in operations and business management, executive customer relationships, staff recruitment and retention management, risk management, exception management and implementing process controls ensure operational excellence. Proficient in driving team performance and continuous improvement through mentoring and training, ensuring the development of a high-performing, goal-oriented team. Proven success in fostering a collaborative work environment that meets performance standards and enhances overall team productivity.
Overview
18
18
years of professional experience
1
1
Certification
Work History
Assistant Vice President 2 – Middle office ETD Derivatives trade processing
State Street India
Pune, India
07.2023 - Current
- Heading the derivatives operations unit in Pune and Coimbatore. A team 120+ professional managing 6000+ funds, 200+ clients and multiple domicile (LUX, UK, SWISS, Germany, Italy, Ireland and Netherland).
- Team responsible for processing trades and cash entries (Interest, commissions, GnL Tax, Variation margin in internal accounting ledgers according to Investment management instructions, reconciling entries with brokers and providing approval to fund accounting team for valuation and NAV release to client.
- Investigating and resolving Custody and accounting breaks by coordinating with Investment managers, brokers, middle office and custody.
- Accountable for developing operational strategic direction and roadmap for the team and drive Operational efficiency initiatives and engaging global stakeholders.
- Reduced controllable breaks by over 90% to an all-time low number in last 5 years through implementation of independent performance governance teams to validate and resolve breaks.
- Developed, maintained and improved the control environment and mindset within the team to ensure risk mitigation and compliance by conducting independent RCSA and internal quality checks on monthly basis.
- Designed FMEA and process flow to highlight the current controls and Value and Non-value-added activities
- Superheaded to Manual and Bespoke activities and delivering 15% efficiency gain in 2025 through process reengineering and Automation.
- Working effectively with Internal and external auditors and providing process walkthrough and evidences of correctness and completeness
- Conceptualized and established “Follow the Sun” model by creating an APAC serving team augmenting EMEA teams
- Oversaw investment management unit – managing a team of 20+ employees across Pune and Bangalore.
Operational Manager – Cash Management (VFI SLK service ltd)
Voya financial and SLK
Pune
02.2021 - 07.2023
- Business Unit head for end-to-end confirmation process. Managed a team of 60+ employees across APAC, EMEA and NAM to support daily operations for OTC derivatives confirmation process, including drafting, affirmation, indexing, DTCC electronic processing
- Played a key role in increasing the equity structured confirmation STP rate from 25% to 60%
- Identified and implemented opportunities to improve the STP rate in equity flow confirmation from 55% to 90% through coding templates
- Reduced outstanding confirmations by over 70% in less than 6 months
- Preparing Monthly performance deck and stakeholder management to address issues.
Process Manager – Asset management – Trade Support Middle office
JP Morgan India
Mumbai
09.2015 - 10.2018
- Managed a team of 15+ employees in supporting daily operations for Middle office trade support across Mumbai and Bangalore
- Led trade management for Equities and Fixed income trades with brokers in DTCC CTM and working with portfolio manager on discrepancy.
- Affirmed confirmed matched & one-sided equity & fixed income trades on DTCC OMGEO Trade Suite & ALERT
- Utilized Bloomberg Fails Station to resolve and fail trades, identifying the BUY IN risk and reaching out to Broker/Custodian for resolution.
- Matched and Validated CLS FX trades
- Worked on TMPG fails charge claim and factor management
- Conducted reconciliation of trade positions between accounting and Custody in TLM
- Reviewed and projected cash amounts for trading desk by performing daily reconciliation between internal and various custodians on the net settlement activity, updating cash positions in the trading system for Investment.
- Implemented 2 live robots in operations resulting in 6 FTE benefits in confirmation process.
Process Manager – OTC derivatives confirmation
eClerx Services, Ltd.
Pune
12.2009 - 08.2015
- Led a team of 30+ employees in managing and improving the OTC derivatives confirmation process.
- Successfully migrated the Equity Confirmation process from a Client Onsite location.
- Demonstrated career progression from Senior Analyst to Team Leader to Process Manager.
- Risk & Compliance Reporting: Executed month-end, weekly, and daily risk reporting projects for global clients, resolving discrepancies and achieving key performance indicators (KPIs) and risk indicators (KRIs). Achieved all time low FED target aging breaks >30 days
Associate – Global Income Service
State Street Syntel Service India
Pune
05.2008 - 12.2009
- Conducted pre-balancing of upcoming income payments to clients’ accounts on the system and anticipated funds from DTC/FED
- Reconciled, researched, and resolved discrepancies on the system to DTC
- Performed reconciliation of dividend, interest, maturity, and depository suspense accounts to ensure zero balances were maintained.
Education
MBA - Finance
Pune University
01-2008
B.COM - Accounting
Pune University
01-2006
Skills
DTCC
OMGEO
OASYS
CTM
Bloomberg
Alladin
TLM Premium
Certification
- NFCM AMFI MUTUAL FUND
- NFCM DERIVATIVES MARKET
- NFCM COMMODITIES MARKET
- NFCM CAPITAL AND SECURITIES MARKET ADVANCE
- NFCM CURRENCY AND INTEREST RATE DERIVATIVES
- NFCM INVESTMENT ANALYSIS AND PORTFOLIO MANAGEMENT
- NFCM OPTION TRADING STATERGIES
- NIQC INTERNATIONAL PVT LTD – LEAN SIX SIGMA GREEN BELT CERTIFICATION
- DDI – BEHAVIORAL INTERVIEWING CERTIFICATION
Accomplishments
- Received multiple Manager of quarter and year awards and recognition
- Implemented 2 live robots in operations resulting in 6 FTE benefits
Timeline
Assistant Vice President 2 – Middle office ETD Derivatives trade processing
State Street India
07.2023 - Current
Operational Manager – Cash Management (VFI SLK service ltd)
Voya financial and SLK
02.2021 - 07.2023
Process Manager – Asset management – Trade Support Middle office
JP Morgan India
09.2015 - 10.2018
Process Manager – OTC derivatives confirmation
eClerx Services, Ltd.
12.2009 - 08.2015
Associate – Global Income Service
State Street Syntel Service India
05.2008 - 12.2009
MBA - Finance
Pune University
B.COM - Accounting
Pune University