The Yorkshire Building Society is seeking an assistant treasurer who will have a prominent role in the company's hedging activities. Chris Parrish, group treasurer in Bradford, said the new hire will be responsible for the transactional hedging of its GBP9 billion (USD13.4 billion) fixed-rate saving and loan portfolio. Parrish explained that the building society uses plain-vanilla interest-rate swaps to hedge the notional value of the entire portfolio.
The assistant treasurer will be part of the team responsible for managing GBP2.7 billion in liquid assets. In addition, the hire will be part of the company's newly-formed structured finance subsidiary, Yorkshire Investment Services, which is a vehicle to invest excess capital in mortgage investments that do not fit into the building society's regulatory liquidity requirements. This would include tranches of mortgage-backed securities or cash collateralized debt obligations, Parrish said.
The new hire will replace Andy Townsend, assistant treasurer, who moved to Standard Life.
