Operations Analyst

Waterfall Asset Management, LLC is an SEC-registered alternative investment manager focused on specialty finance opportunities within asset-backed credit, whole loans, real assets, and private equity. Waterfall was founded in 2005 by Tom Capasse and Jack Ross, two individuals who were early leaders of the ABS industry, and who together have over 60 years of proven ABS/Loan credit analysis, trading, banking, and servicing experience. Waterfall seeks to provide its client a compelling risk/return profile which is generally uncorrelated to most traditional investment opportunities. Waterfall is headquartered in New York, with additional offices in London, and Dublin. As of June 1, 2025, Waterfall approximately $13.1 billion in assets under management.

Job Description

We are seeking an analyst within trade operations. Ideal candidate would have practical knowledge of derivatives: interest rate, credit default, and/or total return swaps. The role will also support fixed income, FX, and repurchase agreement transactions.Waterfall offers a unique opportunity for the candidate to be exposed to different instruments, and all facets of each product. Lifecycle Responsibilities include internal reconciliations, broker affirmations, settlements, margin, audit, external post-trade reconciliations with counterparties and fund administrators. Waterfall fosters ambition. As such, the candidate should possess attention to detail and problem-solving ability. The candidate will be encouraged to challenge current workflows, will be exposed to impactful projects and work with different teams such as technology, fund accounting, trade management, portfolio services, risk, and trading.

Specific job responsibilities include:

• SME for cash, repurchase agreements, and derivatives which includes day to day support for trade affirmation, settlement (DTC/Euroclear/LCH/ICE/CME/OTC], and margin
• Oversee bond corporate action queues, coordinate with appropriate portfolio manager, and make elections over custodian portals
• Manage daily post trade cash and position reconciliations against counterparties and custodians utilizing systems such as TriResolve, and IVP
• Responsible for monthly position and NPV reconciliations against fund administrators and escalate outstanding discrepancies over weekly meetings
• Prepare monthly bilateral derivatives coupons workbook, exchange cashflows with counterparties, while finding ways to streamline current workflow
• Assist with Credit/FX/Rates risk hedging and execution staging across the platform, working with risk and trading
• Prepare weekly liquidity materials for portfolio managers by reviewing projections, allocations, and covenants
• Gain exposure to private desks such as structured lending, residential loans, CRE Equity, CRE Loans

Qualifications and Education Requirements:

• BA/BS degree required
• Minimum 2 years of experience in financial services operations role
• Understanding of fixed income products and strong desire to learn
• Team player with ability to build strong cross-business relationships
• Extremely organized, exceptionally detail and control orientated
• Ability to analyze issues and implement solutions
• Strong MS Excel skills

Preferred System knowledge:

• OSTTRA (TriResolve/TriMargin/Tradeserv)
• DTCC CTM
• DTCC Trade Suite
• BNY Nexen
• BBH Infuse
• SS&C Geneva
• ClearPar
• PowerBI
• Bloomberg AIM
• Tradeweb
• ICE Link
• Alteryx