TIMOTHY J PANARO 340 Centre Avenue, Unit 4, Rockland, MA 02370 | H: 781-421-6627 | C: 781-206-4429 |
[email protected] Professional Summary Senior financial services manager with leadership, operational and client service skills. Hands-on leader of operations with strong business acumen experienced in working with all levels and areas of an organization. Breadth and depth of skills include expertise in daily 40-Act custody, fund accounting and daily NAV operations management, client relationship management, staff development, new business development and installation, project and risk management, and profitability management. Highly regarded by clients for demonstrating a partnership commitment to the success of their business and by managers and peers for creative problem-solving, expanding client relationships and managing to organizational goals. Skill Highlights Operations Management 40-Act Custody, Fund Accounting and Daily NAV Human Resources Hiring, Management and Development Compliance/Risk Management Process Improvement/Change Management Strategic Initiative Implementation
Relationship Management Customer Focused Service Delivery Fee Negotiation Joint Organization Project Management Contract Management Systems Integration Management Senior-level Client Communication about Changes, New Products/Services, Problem Resolution
Professional Experience Vice President 12/1993 to 05/2014 State Street Bank Boston, Quincy, MA Managed operation of up to 100 staff responsible for delivery of custody, fund accounting and daily NAV's for mutual fund, insurance company, and hedge fund clients. Consistently met or exceeded service standards, including an over 99.8% daily NAV accuracy. Served as primary relationship contact for several clients, including a Top-5 client for over twenty years. Responsible for understanding clients' global business objectives and how the organization could best assist in meeting those goals within framework of products and services available. Relationship grew significantly in revenue, profitability and number of products/services employed. Prepared and delivered client presentations about servicing performance, new products, issue resolution, and audit results to President, Treasurer, Chief Compliance Officer, and Board officials. Determined operational staffing needs. Hired, mentored, coached managers and staff, several of whom subsequently advanced to VP, SVP and EVP positions. Responsible for fostering a culture of continuous process improvement amongst managers and staff. Led to implementation of new procedures and technology tools designed to save time and enhance control. Responsible for communicating organizational strategy for change to managers, staff and clients and driving its execution. Planned, managed, and drove projects for installation of new servicing business. Projects contemplated operational considerations, IT implementation, fee determination and contractual requirements as well as staffing, equipment and space needs. Resulted in timely, profitable implementations. Drove implementation of client interfacing IT initiatives for both inbound and outbound information delivery with clients and their service partners. Worked with client management and operations, legal and IT personnel to define user requirements, set timeframes for testing and implementation, and ensure proper contractual documentation.
Developed and drove servicing project plan for annual rebalancing of mutual funds for Top-5 client. Rebalancings included fund mergers, new fund launches, fund liquidations, and reconstitution of asset allocation portfolios, all executed simultaneously. Spearheaded coordination with internal and client stakeholders to ensure fifteen annual successful events. Developed and successfully executed servicing plan for liquidation of Reserve Money Market Funds after collapse prompted by Lehman bankruptcy in 2008. Required coordination with internal and external legal parties, credit and risk departments, Court-appointed overseers, Board Trustees, and administrators over several years. Conducted fee negotiations for both existing and potential new custody/accounting servicing business, requiring comprehensive understanding of cost drivers, internal fee policies, and trends in marketplace for these services. Resulted in the successful retention of significant revenue client against competitor overtures as well as the successful sale and implementation of new products and services. Increased revenue by introducing clients to additional products and services such as Cash Management, Securities Lending, Foreign Exchange and Commission Recapture and then working with clients and internal departments to finalize fees and contracts before overseeing installation. Directed departmental interactions with internal audit management during several successful engagements. Negotiated positive ratings, audit comments, and management responses. Guided custody/accounting interactions with external fund auditors during annual, semi-annual, and special reviews. Work with clients and internal credit and risk professionals to understand cash activities resulting in mitigation of overdraft risk. Assistant Vice President 01/1990 to 12/1993 State Street Bank Boston, Quincy, MA Managed team of up to 50 professionals delivering custody, fund accounting, and daily NAV operations for mutual fund and insurance company clients. Consistently met or exceeded client service delivery expectations. Ensured compliance with standard operating procedures while continually assessing operation for opportunities to improve efficiency as evidenced by consistent positive ratings in both internal and external audit reviews. Assessed staffing needs and responsible for hiring and developing staff. Account Manager 05/1986 to 01/1990 State Street Bank Quincy, MA Managed team of up to 25 staff performing custody, fund accounting and daily NAV services for mutual fund clients. Reviewed and approved daily NAV calculations. Responsible for hiring and training junior staff in daily 40-Act custody and accounting requirements. Fund Accountant 03/1985 to 05/1986 State Street Bank Quincy, MA Performed custody, fund accounting and daily NAV tasks for a Top-5 mutual fund client, consistently meeting or exceeding service delivery standards. Education Bachelor of Business Administration: Accounting University of Massachusetts GPA: GPA: 3.39 Graduated Cum Laude Treasurer, Secretary - Delta Chi Fraternity Minor in Economics GPA: 3.39 Graduated Cum Laude Treasurer, Secretary - Delta Chi Fraternity
Amherst, MA