Chief Compliance Officer USBAM RIA & All Funds

The combined Chief Compliance Officer across USBAM RIA & All Funds is responsible for leading the enterprise-facing, adviser-specific, and fund-facing compliance architecture for USBAM and its pooled-fund ecosystem. This role requires integrated oversight across the SEC-registered adviser compliance program, registered investment company compliance programs, private liquidity pool, LGIPs, institutional client activities, fund governance, Board reporting, distribution compliance, portfolio compliance, service provider oversight, regulatory change, and compliance team leadership.

The combined CCO serves as the senior compliance leader responsible for preserving the integrity, independence, and effectiveness of both the USBAM adviser compliance program and the fund compliance programs. The role requires precise role delineation, strong judgment, transparent escalation, and the ability to operate across multiple accountable constituencies: USBAM senior management, U.S. Bank Corporate Compliance, Legal, Risk, Internal Audit, fund Boards, independent trustees, service providers, clients, regulators, and the compliance team. This role must balance dual but complementary responsibilities. For USBAM, the CCO must administer the adviser compliance program and advise the business on fiduciary, regulatory, conflicts, disclosure, portfolio, distribution, and operational risks. For the funds and pooled vehicles, the CCO must maintain direct Board-facing oversight, fund program reporting, service provider oversight, annual compliance reviews, and fund-specific regulatory controls.

Core Responsibilities

Integrated compliance program leadership

• Lead the combined compliance framework for USBAM and the pooled funds, ensuring each program retains its required scope, documentation, independence, reporting, and governance.

• Maintain distinct but coordinated adviser and fund compliance obligations, including policies, annual reviews, risk assessments, testing, Board reporting, service provider oversight, and issue escalation.

• Ensure that all open obligations have owners, due dates, evidence, escalation paths, and Board or management visibility where needed.

Adviser compliance responsibilities

• Administer and oversee the USBAM adviser compliance program under Rule 206(4)-7.

• Oversee adviser policies and procedures, annual compliance review, risk assessment, testing, Code of Ethics, conflicts, e-communications, advertising, portfolio compliance, trading, best execution, complaints, whistleblower reporting, regulatory filings, books and records, privacy, and issue remediation.

• Guide business and senior leadership on adviser-specific risks across institutional investment activities, OCIO, fixed income, LGIPs, money market funds, securities lending, client onboarding, distribution, and any applicable enterprise changes.

Fund and pooled vehicle responsibilities

• Administer and oversee the compliance programs for registered investment companies and related pooled investment vehicles under Rule 38a-1 and applicable fund governance standards.

• Report to the management personnel, Boards or governing bodies on compliance program effectiveness, material compliance matters, policy updates, regulatory developments, service provider oversight, and required affirmations.

• Oversee money market fund, multi-manager fund, private liquidity pool, and LGIP compliance matters, including disclosures, Rule 2a-7, 15(c), Board materials, service providers, distribution, portfolio compliance, and fund-specific escalation.

Independence, governance, and enterprise alignment

• Preserve CCO independence and authority while leveraging enterprise compliance tools, shared services, risk programs, technology, and governance structures where appropriate.

• Ensure enterprise processes do not compromise adviser-specific risk identification, fiduciary obligations, client fairness, fund Board reporting, or the CCO’s ability to make independent compliance judgments.

• Maintain clear distinction between U.S. Bank enterprise obligations, USBAM adviser obligations, fund obligations, distributor obligations, and service-provider responsibilities.

Board, committee, and senior management reporting

• Provide clear, timely, and decision-useful reporting to fund Boards, USBAM senior leadership, enterprise compliance leadership, Legal, Risk, Audit, and governance committees.

• Coordinate annual and quarterly compliance reports, Board materials, compliance certifications, regulatory updates, policy changes, service provider reports, exception logs, issue remediation, and audit/exam responses.

• Escalate material compliance matters, conflicts, client fairness issues, regulatory gaps, and control weaknesses with enough detail to enable informed governance action.

Risk-based operating model and team leadership

• Lead a specialized compliance team covering adviser compliance, fund compliance, liquidity fund compliance, portfolio compliance, distribution compliance, marketing review, testing, regulatory change, policy management, service provider oversight, and project management.

• Set priorities across competing adviser, fund, Board, regulatory, and enterprise deadlines.

• Maintain a sustainable operating model with clear delegation, documented backup coverage, succession planning, and strong evidence retention.

Strategic advisory and transformation support

• Advise on strategic initiatives, including new funds, products, private liquidity structures, OCIO growth, money market fund changes, tokenized fund/share class exploration, systems transitions, policy management tools, risk assessment platforms, AI/data initiatives, and shared services.

• Identify regulatory implications early and guide the business toward practical, client-centered, well-controlled execution.

• Help leadership distinguish between business opportunity, regulatory obligation, fiduciary duty, operational readiness, and reputational risk.

Key Outcomes Expected

• A unified but clearly delineated compliance program across adviser and fund responsibilities.

• Preserved independence, authority, and credibility of the CCO function.

• Continuity of Board reporting, fund governance, adviser compliance administration, regulatory change management, and issue escalation.

• Efficient use of enterprise resources without loss of USBAM-specific compliance accountability.

• Strong control culture across USBAM, the funds, pooled vehicles, shared service partners, and service providers.

Key Attribute Outline

• Integrated fiduciary lens: Understands adviser duties, fund duties, client fairness, affiliate conflicts, and Board expectations as connected but distinct accountability streams.

• Strategic CCO mindset: Identifies patterns, anticipates regulatory and business risk, and develops practical paths forward rather than merely documenting problems.

• Regulatory credibility: Earns respect from Boards, senior management, Legal, Risk, Audit, regulators, and compliance professionals.

• Independence with proportionality: Knows when to leverage enterprise frameworks and when to preserve separate adviser or fund-specific controls.

• Complexity management: Can coordinate annual reviews, Board cycles, 15(c), regulatory projects, service provider oversight, policy updates, issues, testing, surveillance, and business initiatives without losing control of priorities.

• Client and shareholder orientation: Places client, fund, and shareholder interests at the center of compliance decision-making.

• Transparent escalation: Provides early, concise, and risk-based escalation of matters that require leadership, Board, counsel, or regulator awareness.

• Practical advisory capability: Helps the business execute responsibly by converting regulatory requirements into workable operating expectations.

• Talent builder: Develops subject matter experts and future leaders while maintaining clear accountability and coverage.

• Continuous learner: Stays current on SEC, FINRA, OCC-adjacent, banking, asset management, fund, cybersecurity, AI, privacy, and technology trends relevant to USBAM.

Basic Qualifications

• Bachelor's or advanced degree, or equivalent work experience

• Typically more than 15 years of applicable experience

Preferred Skills/Experience

• Deep senior experience in asset management compliance, registered fund compliance, bank-affiliated investment management, institutional investment advisory compliance, fund governance, or related legal/risk leadership.

• Strong technical knowledge of the Investment Advisers Act, Investment Company Act, Rule 206(4)-7, Rule 38a-1, Rule 2a-7, fund Board governance, SEC reporting, marketing, conflicts, Code of Ethics, electronic communications, portfolio compliance, best execution, valuation, and service provider oversight.

• Demonstrated experience operating in a matrixed, bank-affiliated, regulated environment with multiple legal entities, Boards, clients, affiliates, shared services, and enterprise governance structures.

• Proven skill communicating with and influencing senior executives, independent directors, regulators, Legal, Risk, Audit, investment professionals, distribution teams, operations, technology, and service providers.

• Strong people leadership experience, including team development, delegation, prioritization, succession planning, and management of compliance workstreams.