SME Investment Manager

Reference: G/ECS/009
Location: St. Kitts, West Indies
Duration: 2 years
Closing Date: 10 Aug 2011

1.0 Background

The Eastern Caribbean Central Bank (ECCB) is the monetary authority for a group of eight Caribbean island-states economies, namely - Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, St Kitts and Nevis, Saint Lucia, and St Vincent and the Grenadines. Its mission is to maintain the stability of the East Caribbean (EC) dollar and the integrity of the banking system in order to facilitate the balanced growth and development of member states.

The ECCB plans to implement the Eastern Caribbean Enterprise Fund (ECEF) as part of its commitment to strengthen the private sector in the Eastern Caribbean Currency Union (ECCU). The goal of this project is to assist with the transformation of the ECCU private sector by growing and developing enterprises in the region through funding and technical assistance.

The overall objective for the ECEF is to facilitate the economic development of the ECCU through SMEs, by providing alternative capital and technical resources to the entities. This will complement existing commercial lending by offering equity and quasi-equity funding for SMEs. The ECCB through extensive consultations with commercial lenders has also ensured that they fully understand the proposed operations of the Fund and how it complements their lending portfolios. Allied to this approach is the advisory management support to be provided to SMEs in an effort to build their management capacity and success potential of any investment.

The promotion of the ECEF is an extension of similar initiatives undertaken by the Bank. Article 4(3) and 4(4) of the Eastern Caribbean Central Bank Agreement (1983) gives the ECCB the mandate to create a sound financial structure and system for the balanced growth and development of the participating countries. The Bank has facilitated the establishment of the Eastern Caribbean Home Mortgage Bank (1996), Eastern Caribbean Securities Exchange (2001), and the OECS Distribution and Transportation Company (2008) and the Eastern Caribbean Enterprise Fund (2009). The ECCB promotes these institutions, facilitates the participation of the private sector through capitalization, operationalisation and governance, with the intent of full ownership being subsequently assumed by key private stakeholder organizations/institutions and individuals.
2.0 Purpose of the project

The purpose of ECEF is to serve as a catalyst to provide equity and venture capital sources of funding for large projects in the Eastern Caribbean Currency Union (ECCU) region that have good growth potential and to strengthen the capacity of SMEs to access investment finance. The ECEF will be a holding company for a family of funds. Its authorised capital is EC$100m but its initial subscription is expected to be EC$20m.

The ECEF is expected to commence with three (3) funds:

1. A Growth Fund of US$25m for large cap projects. The minimum Growth Fund financing for such projects is expected to be US$0.25m.
2. An SME Fund of US$10m for small and medium sized enterprises with good growth and export prospects but which have capital financing and management challenges that can be effectively addressed.
3. A Technical Assistance Fund of US$3.0m to provide advisory and technical assistance to SMEs on a partial cost recovery basis.

The ECEF will provide some seed capital for each of these funds but will solicit additional funding from investors for each of them.
3.0 The approach

This project proposes the placement of one Commonwealth Fund for Technical Cooperation (CFTC) expert at the ECCB Headquarters for a period of two years, to provide the services of an Investment Manager and assist with building the capacity of assigned ECEF staff, to effectively develop their investment and fund management skills over time.

The project will benefit from the sustained intervention by an experienced Investment Manager with a demonstrable record in fund management who can provide capacity building for the establishment of ECEF as well as hold the substantive position of the initial fund manager. Additionally, the expert would assist with the identification of best practices with respect to the planning and development of the ECEF so that the requisite management and operation systems be put in place to ensure sustainability of the Fund. Staffing of the Fund will initially be addressed through personnel recruited by the ECCB to perform the administrative functions.
4.0 Scope of work

The outputs expected to be delivered are:

1. Leadership: Complete the development and establishment of the ECEF. This will include the coordination of all related management functions, inter alia:

o Finalise the Strategic and Operational Plan;
o Completion of Budgets;
o Organisational Structure;
o Marketing Plan;
o Investment Analysis and Monitoring Systems; and
o Establish a Business Development Services function to provide business counseling and advisory services to SMEs to improve investment readiness and operational effectiveness.

2. Mentoring: Assist with the identification and mentoring of core personnel to undertake established functions within the ECEF. It is the expectation that the staff identified by the ECCB will be trained in the management functions of the ECEF. As part of the sustainability of the project, compile a standard operating procedures manual for the ECEF.

3. Fund Management: Seek and secure additional funding for the investment and operations of the ECEF. Additionally, identify lead and champion investment activities and opportunities, and assess and evaluate potential credible projects up to financial closing.

4. Promotion and Marketing: Take the lead role in awareness campaigns, workshops and related promotional materials across the OECS to familiarise business persons and prospective applicants with the expectations of the ECEF criteria.
5.0 Reporting and transfer of expertise

The Commonwealth Secretariat attaches particular importance to the transfer of expertise and knowledge to the assigned counterparts within host institutions. The assigned expert will work closely with the appointed staff by the ECCB. The expert will report directly to the Governor of the ECCB, the board of the ECEF and the Commonwealth Fund for Technical Cooperation.
6.0 Required experience and qualification

Essential

* A graduate degree in Business, Economics or Finance
* Significant experience in Investment Funds and Portfolio Management
* Experience in business development and /or raising capital
* Strong interest in developing the venture capital and private equity sector
* Ability to interact and negotiate at senior management level
* Strong marketing, presentational and public speaking skills
* Strong leadership and project management skills
* Ability to manage a diverse team of staff and partner relationships
* Integrity, autonomy, self-confidence and energy
* Innovative and entrepreneurial approach
* Experience in development of human capacity by way of training, mentoring, etc.
* Respect for diversity and ability to adapt to different cultural settings.

7.0 Submission of application

Applicants who are nationals of Commonwealth member countries and who meet the post criteria are invited to apply with a detailed CV including names and contact details of three referees and the Personal History Form* to:

Mrs Puja D Sharma
HR (CFTC), Commonwealth Secretariat
Pall Mall, London UK, SW1Y 5HX
Email: p.sharma@commonwealth.int
Tel: +44 (0)20 7747 6531
Fax: +44 (0)20 7747 6520

*The Personal History Form (PHF) may be downloaded from the Secretariat Website on the Employment / Vacancies / Long term Assignment (Overseas) page, along with the Skill Codes Booklet required to complete the PHF. The form is only available in PDF format.

Notes:

* This invitation is open to independent consultants who are nationals of Commonwealth member countries.
* The Commonwealth Fund for Technical Cooperation (CFTC) is a mutual assistance and voluntary fund and members contribute resources according to their ability and draw on them according to their needs. CFTC assistance is targeted towards helping member countries acquire knowledge and institutional capacity to address their own development priorities – set within the framework of the Millennium Development Goals (MDGs). The major purpose of the Fund is to take advantage of shared experiences and similarities to promote development in the Commonwealth, thereby demonstrating in a practical way the ideals of co-operation and mutual assistance and strengthening the multilateral links among Commonwealth countries and peoples. The Fund support efforts aimed at sustainable and people-centred development and the elimination of poverty. The assignment and emoluments offered for this positions is therefore reflective of the nature of this mutual assistance and voluntary Fund.
* This is a re-advertisement, applicants who have applied in the past for this post do not need to apply again.

The application should be forwarded to the contact officer as an attachment to an email / by post / fax by no later than 1800 hrs on 10 August 2011.


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