African Development Bank (AfDB) - the premier pan-African development institution, promoting economic growth and social progress across the continent. 

POSITION : Principal Direct Equity Portfolio Officer

The Hiring Department

• Promote private sector in Regional Member Countries, ensuring that it plays a central role in laying the foundations in the development role of the Bank, in line with the Bank’s 10 Year Strategy and HI 5 initiatives.
• The mandate of the Portfolio Asset Management Division is to implement the Private Sector Development strategy through effective, efficient and consolidated monitoring and supervision of projects, programs and investments supported by the Bank through its private sector window. This will be achieved by drawing lessons from past operations to help improve the quality of new operations; loans, equity investments, guarantees and other projects.
• The Division provides expertise, technical assistance and advisory services to origination and project monitoring units. The ultimate objective is to maintain the quality of the portfolio, at the aggregate level, within board approved limits throughout the life of the project/investment cycle and maximize development outcomes and Bank’s additionality.
• While the teams in the Sectors have the day-to-day management responsibility of the success of the project/investments, the officers of the Portfolio Asset Management Division have the full responsibility over the investment after the first disbursement in order to ensure that the Regional Directorates and Sector Department remain accountable for processing transactions to the point where all conditions of first disbursement are met.  The Portfolio Asset Management Division is part of the Project Appraisal Team, to ensure dissemination of lessons learnt and quality at entry.

The Position

• Maintain high quality, high standards representation at the Board meetings of investee companies, Advisory Committees of Funds, Extraordinary General Meetings (EGM) and Annual General Meetings (AGM).
• To maintain high quality of the reporting from the Board, AC members and representatives at Extraordinary General Meetings/Annual General Meetings.
• To ensure information from the various meetings is conveyed to and addressed by senior management
• Maintain high standard and timely submission of documents from the investees and the Fund managers

Responsibilities

• Works as a team member and coordinator of adequate attendance to the various meetings arranging for adequate officers to represent and high quality reports provided and timely submitted to senior management of the Bank;
• Centralizes reporting in its form and content, reviews all reports from a qualitative and quantitative point of view to be able to inform, guide, advise, coordinate and ensure the adequate rating and monitoring of the direct equity portfolio.

The Principal Direct Equity Officer coordinates the following activities from the portfolio monitoring officers in the field:

• Assists the Division manager and the Chief PE Portfolio Officer to run a disciplined, well informed and documented portfolio and Board supervision activity in collaboration with the regional directorate and in line with equity strategy;
• Reviews all quarterly reports and share with portfolio and investment officers the matters which can apply to other investments: shares lessons learned and provide input at entry of new transactions to ensure quality at entry and adequate supervision program aligned with risk rating assigned to investment;
• Constantly thrives to improve reporting, communication inside and outside the organization and knowledge sharing;
• Ensures quality of data in the equity portfolio management software “eFront” including the accurately detailing of the capital calls and distribution;
• Ensures timely reporting via the eFront, ensure adequate usage of eFront by colleagues involved in the origination and monitoring of the asset class;
• Tracks the receipt of all reports from direct equity investments required under the investment agreements; follows up with investees on delinquent reports, and keep an overall summary of reporting compliance for the portfolio;
• Reviews quarterly operational and financial reports from investees to monitor progress in investment implementation and in operations, and identify, anticipate any sign of potential problems/issues;
• After first disbursement, oversees and clears the processing of disbursement requests in consultation with the relevant investment officer, ensuring that further disbursement conditions are satisfied;
• Arrange for the review of insurance and environmental compliance information submitted by investees
• Handles all requests for waivers and other changes in the terms of investment agreements
• Schedules field supervision of all investments and arrange for appropriate staffing of these missions, including consultants
• Deals with problem projects, including handling of rescheduling, restructuring, and other instruments, and for processing the internal documents required to obtain Board approvals.
• Handles direct equity divestments. Will be responsible for recommending terms of such transactions and executing approved transactions;
• Reviews all annual supervision reports prepared by portfolio management officers and ensures appropriate input from Legal, Risk Management and Environmental Staff;
• Oversees the preparation of the documentation for departmental Portfolio review meetings, schedule these meetings and keep records of discussions and decision arising out of these meetings for follow up;
• Oversees and prepare for the higher risk investments semi-annual equity portfolio status report for submission to Senior Management;
• Participate in the drafting and review of the Annual Portfolio review report for submission to the Board (with specific attention to direct equity investments activities);
• Reviews the documents for Board meetings for companies on which African Development Bank has Board seats; brief African Development Bank representatives on issues to be discussed and monitor the reporting by representative of the outcome of meetings;
• Establishes effective partnerships with internal, external customers and stakeholders, using a range of communication and facilitation skills. This optimises opportunities for partnerships which ensures customer focused service delivery for improved business performance;
• Reviews policies, practices and procedures as necessary to identify and scope areas for improvement;
• Works with risk management on maintaining accurate risk rating of the individual investees (direct);
• Coordinates the Board attendance, the Annual General Meetings  to ensure all related parties are aware of the key matters and can anticipate future complications;

Detailed activities in relation with the accountabilities of the function:

• Implementing Equity Portfolio management programmes
• Training to Board representatives, coordination meetings with Board members and supervision officers;
• Contributing to the development and adaptation of portfolio management officers:
• Member of valuation committee
• As member of the Project Appraisal Team, ensures adequate use of Private Equity Manual, Due diligence questionnaire (Legal and Business) and supervision practice (of investment and Board activities)
• Advising, guiding and supporting line management:
• Coordinates, Assists and provides support to Board representatives, Extraordinary General Meetings/Annual General Meetings representatives, Portfolio officers and Investment officers for proper implementation and monitoring;

Selection Criteria

• A Master's Degree or its equivalent in Finance, Accounting, Legal, Business Administration, Public Sector Management or related discipline;
• 6 years of relevant professional experience, in the Bank or a similar institution and/or in strategic consulting, investment or commercial banking, business development and macroeconomic analysis;
• Ability to communicate effectively (written and oral) in English or French, preferably with a working knowledge of the other. Command of Arabic and Portuguese (both verbal and in writing) would be an advantage.
• Competence in the use of Bank standard software (Word, Excel, Access, PowerPoint).
• Equity portfolio management software eFront.
• Knowledge of SAP is desirable. Use on line searches for benchmarking exercises and stock market data.
• International experience working in several countries;
• Having private sector experience will be an added advantage
• Client and results oriented individual, with strong analytical and communication (both verbally and in writing) skills, sense of accuracy and attention to details;
• Ability to deal with sensitive issues in a multi-cultural environment and to build effective working relations with colleagues and shareholders.
• Strong leadership and coaching skills, with a proven track record of working in teams and creating and empowering an development oriented work environment
• A self-starter requiring minimal supervision;
• Ability to build effective client relationships (internally and externally);
• Ability to represent the Portfolio and Asset Management Division effectively within and outside the African Development Bank;
• Ability to play an active role in knowledge sharing.
• Familiarity and interest in Corporate governance matters
• Knowledge in Finance and Accounting with Investment experience,
• Understanding of the dynamics of equity investments, corporate governance, Boards and Annual General Meetings dynamics and best practices.
• Understanding of the importance of capital structure and board composition.
• Strong communication, coordination and technical skills to ensure that information flows back from the field to the portfolio asset management division and reverse.