Compliance Manager

Penn Mutual   •  

Horsham, PA

Industry: Accounting, Finance & Insurance


11 - 15 years

Posted 177 days ago

This job is no longer available.

Job Description

About Penn Mutual and Penn Mutual Asset Management 

Since 1847, Penn Mutual has been committed to helping people live life with confidence. At the heart of this purpose is the belief that life insurance is central to a sound financial plan. Through our network of trusted advisers, we are dedicated to helping individuals, families and businesses achieve their dreams.  Penn Mutual supports its advisers with retirement and investment services through Hornor, Townsend & Kent, Inc. Registered Investment Advisor and wholly owned subsidiary. Member FINRA/SIPC.  We are proud to work together in a values-driven and relationship-based culture.


Penn Mutual Asset Management (PMAM) is a registered investment adviser and wholly owned subsidiary of The Penn Mutual Life Insurance Company.  PMAM is focused on risk-based institutional asset management, advisory and fund operation services.  We are dedicated to creating value through a prudent, thoughtful, and rigorous investment decision-making process.  We tailor our proven approach to generate solid risk-adjusted returns that result in consistent earnings, while balancing the need for capital preservation to achieve each client’s strategy and goals. As of September 30, 2017, Penn Mutual Asset Management manages approximately $24b in client assets, all of which is managed on a discretionary basis. 


Penn Mutual’s Investment Philosophy 

Investing is one of the company’s core-competencies as evidenced by our strong, long-term track record of absolute and relative performance.  Our current strong capital base has been bolstered over the years due to a focus on total return in addition to generating income to support the company’s products.  Our investment philosophy centers on a top-down and bottoms-up approach that looks to identify with relative value at the sector, industry, company, and security level.  We believe that relative value can only be made by having a fundamental understanding of the cause and effect relationships that impact an asset class or security.  Our mutual structure allows us to have a long-term focus and make the best long-term economic decisions for the company.  We operate in a total return environment; however we must constantly balance that against the needs and constraints of the liabilities that our investments support.


Investment Team Member Expectations

Our success hinges on our team and our team’s ability to work together to achieve success.  We are looking for confident, innovative and driven individuals who have a collaborative style that can contribute to our winning culture.  We believe in open communication and the value of each individual’s opinion.  We operate in a meritocracy where ideas and opinions are evaluated based on merit alone.  As a result, portfolio decisions are influenced by the entire investment team and no one individual.  We strive for excellence every day by aiming high and pushing each other to our individual limits to achieve success. 


Position Overview 

The Compliance Specialist will assist in the design, development and implementation of our Compliance Program.  The purpose of our Compliance Program is to comply with laws and regulations that apply to investment advisers, as well as our internal policies and procedures designed to prevent, detect, and correct any violation of laws,  regulations, or policies.  Our Compliance Program is dynamic, and we periodically review the Compliance Program to provide assurance that it remains current with applicable laws and regulations and relevant to our advisory business model. 

The Compliance Specialist will collaborate with Portfolio Management, Operations, Legal, Internal Audit, among others.  We are looking for an execution-focused individual with a collaborative style who will support the strategic vision of the firm as well as contribute to our winning culture.

This position will support the Chief Operations Officer and Chief Compliance & Risk Officer of PMAM, a registered investment adviser offering investment management services to:  affiliated insurance company general and separate accounts and other affiliated corporate entities; third-party U.S. institutional clients; registered investment companies; private funds; separately managed portfolios; and other pooled investment vehicles.



  • Play a key role in the design, development, implementation and monitoring of our Compliance Program
  • Play a key role in the design, development, implementation and monitoring of the proprietary fund complex compliance program relating to 29 funds including nine directly-managed funds and 20 equity and fixed income strategies managed by external advisers (sub-advisers)
  • Specific day-to-day activities include:
    • Collaborate in the maintenance of  policies and procedures
    • Support the annual update and filings of adviser and fund registration and governing documents, for example, Form ADV, prospectus, SAI, PPM and EM, among others
    • Execute transactional, periodic and forensic testing surrounding investment advisory activities
    • Execute periodic testing and monitoring of third-party partners or service providers related to accounting, transfer agency, custody, and administrator functions
    • Co-facilitate the execution of comprehensive due diligence and onsite visit compliance program for external asset managers in accordance with Investment Company Act of 1940
    • Assist in the annual reviews under 206(4)-7 and under 38(a)-1
    • Remain current with regulations and  maintain working knowledge of the Investment Company Act of 1940, the Investment Advisers Act of 1940, and any related amendments, state investment requirements and other relevant regulations surrounding PMAM activities
    • Perform other compliance activities as assigned

Required Skills

  • Ability to create, document and monitor processes with effective writing skills
  • Ability to create well written, accurate and succinct reports to be viewed by Board of Directors and/or regulators
  • Well organized and focused
  • Excellent prioritization and time management skills
  • Excellent communication skills
  • Excellent analytical and problem solving skills
  • Follow up and follow through; have a sense of urgency and take ownership to get the job done, be responsible and accountable for outcomes
  • Ability to build effective business relationships with business partners at all levels, including senior management, throughout the organization as well as external to the organization
  • Act as liaison with external customers and to project our reputation of credibility and competence
  • Ability to work effectively in a collaborative, team-oriented, fast-paced environment

Required Experience

Education/Licenses/Professional Designations

  • Bachelor’s degree in Business, Finance, Accounting, or other related field required
  • FINRASeries 7, 24, 66 preferred
  • Experience with Bloomberg a plus
  • Interest and motivation in pursuing professional designations (ex: CAMS, CFE, LPEC)



  • Minimum 10 years mutual fund and/or investment adviser compliance, preferably as a senior compliance officer
  • Previous regulatory experience or management experience is preferred
  • Working knowledge of, and personal interest in, investment strategy,  portfolio management concepts and investment products