Vice President, Portfolio Management

Background

Philadelphia Industrial Development Corporation (PIDC) is Philadelphia’s public-private economic development corporation. Our mission is to spur investment, support business growth, and foster developments that create jobs, revitalize neighborhoods, and drive growth to every corner of Philadelphia. We achieve our mission through a diverse range of financing products, real estate solutions, and business support services. You can learn more about PIDC at pidcphila.com.

PIDC is committed to driving transformative growth for Philadelphians with a human-centered approach by directing our financial and real estate services, knowledge, and networks toward creating a vibrant and sustainable Philadelphia. To achieve this mission, PIDC focuses on five areas:

• CAPACITY: Create and sustain internal capacity and external partnerships to scale the availability and breadth of economic development resources and solutions.
• CAPITAL ACCESS AND SERVICES: Expand financing and business support services to benefit under-resourced communities and marginalized populations.
• LAND USE: Catalyze development of projects that create quality jobs, advance equity, and promote sustainability.
• KNOWLEDGE AND NETWORKS: Share knowledge and networks to respond to clients, partners, and market needs.
• EMPLOYEE WELL-BEING: Elevate the physical, mental, and financial well-being of PIDC employees and provide opportunity for each to thrive and grow professionally.

PIDC is governed by a thirty-member Board of Directors, appointed by the Mayor of Philadelphia and the President of the Greater Philadelphia Chamber of Commerce.  The staff includes approximately 60 full-time employees, and PIDC’s current 12-member senior leadership team has a combined 150+ years of experience at PIDC. The organization’s annual budget of approximately $12M is funded by a combination from fees generated by PIDC’s transaction activities, service and management contracts, and contributed revenue.

Over the past 65+ years, PIDC has settled over 13,500 transactions with a diverse range of clients — including nearly $21 billion of financing and 3,400+ acres of land sales — which have leveraged tens of billions of dollars in total investment and assisted in retaining and creating hundreds of thousands of jobs in Philadelphia.

Financial Services:  PIDC’s Financial Services team is responsible for business development, approval, and management of all PIDC financial resources that include a broad range of loan products, tax-exempt bonds, and grants to fill financing gaps in the private capital markets and drive growth to every corner of the City. The Financial Services Group is comprised of a Lending Team, responsible for business development and transaction production; the Conduit Finance Team manages various grants, tax-exempt financing, and special services; the New Markets Tax Credit (“NMTC”) Team manages PIDC’s NMTC program eligibility and compliance; and the Portfolio Management team is responsible for management of all non-NMTC loans from closing to final repayment.  These financing products are funded from a mixture of private and governmental sources that include a typical mix of Community Development Financing Institution (“CDFI”) resources such as bank loans, foundation grants, and multi-level government grant and loan sources. PIDC facilitates over 150 financings annually routinely totaling over $500M both on- and off-balance sheet and manages a portfolio of approximately 4-500 loans totaling approximately $4-500M.

Summary

The Vice President of Portfolio Management reports to PIDC’s Senior Vice President and Chief Credit Officer and is responsible for managing the three-to-four-person Portfolio Management Team which currently includes two direct reports. Portfolio Management Team responsibilities include pro-active asset management, loan disbursement and client-friendly loan servicing of PIDC’s loan portfolios except for New Markets Tax Credit transactions and includes internal and external reporting functions that must be timely and accurate. This position is required to lead the teams’ strategic direction and successful execution of team’s objectives, oversee its performance working to improve efficiencies and minimize errors and manage risks, while also managing relationships with stakeholders and ensuring compliance. The position requires a deep understanding of end-to-end loan management processes to provide excellent client service and maintain best practice portfolio management services consistent with PIDC’s mission and objectives.

Responsibilities

Specific responsibilities include, but are not limited to, the following:

1. Team Leadership:

• Personnel: Recruit individual team members and mentor and support them in completing their duties (loan processing, disbursements, collateral monitoring, covenant compliance and asset management) and providing for their professional development.
• Policies & Procedures: Establish and maintain written Policies and Procedure for the Team including an outline of roles and responsibilities of team members consistent with industry best practices and PIDC mission.
• Annual Team Goals & Objectives: Establish and manage team to achieve annual goals and objectives in coordination with senior staff.
• Clients & Stakeholders: Build and maintain strong relationships with clients, investors, and other stakeholders.
• Strategic Direction: Lead the strategic direction for the Team in coordination with Senor Staff.
• Communications: Communicate portfolio performance and strategy effectively to internal and external stakeholders.

2. Strategic Portfolio Management:

• Develop and implement portfolio management strategies aligned with the organization’s objectives and risk tolerance.
• Conduct regular portfolio reviews and analysis to identify opportunities and concerns.
• Monitor and manage portfolio risk exposure.
• Monitor and identify market developments and proactively manage their potential impact on the portfolio.
• Track, analyze and manage portfolio performance against industry benchmarks and PIDC targets.
• Identify and implement strategies to improve portfolio performance.
• Prepare and present portfolio performance reports to internal and external stakeholders.

3. Risk Management:

• Monitor, assess, manage and communicate portfolio risks.
• Develop and implement risk management policies and
• Ensure compliance with all relevant regulations, investor obligations and internal policies.
• Support internal and external

4. Loan Servicing:

• Manage the Loan Servicing group to ensure timely and accurate loan servicing practices including disbursement, primary repayment, covenant compliance and collateral maintenance that is client friendly and mission consistent while managing PIDC risk levels in alignment with PIDC policies and procedures and investor requirements.

5. Other Duties:

• Perform duties of subordinate team members on an as-needed basis including primary responsibility for complex or extraordinary transactions.
• Coordinate with PIDC’s financial reporting and accounting team to ensure accurate accounting for all portfolio loans, including to provide input into the impaired loans inventory and support calculation of allowance for loan loss according to the FASB issued Accounting Standards, and to assist in analysis and presentation of PIDC’s loan portfolio performance.
• Coordinate with PIDC’s Capitalization and Impact team to support financing applications and provide timely and accurate data for stakeholder reporting and compliance.
• Support the Senior Vice President for Financial Services to make updates to the Loan Policy Manual and the Portfolio Management Team’s Policy and Procedures Manual.
• Other duties as assigned.

Requirements

In addition to the necessary skills and experience to perform the responsibilities outlined above, the successful candidate will possess the following skills and experience:

• Education: Bachelor’s degree in business, finance, accounting, or extensive banker’s training program from a national association. Graduate degree preferred.
• Experience: A minimum of 10 years relevant experience in portfolio management, risk management, real estate and business lending, collections, and workouts.
• Knowledge: Subject matter expertise of all aspects of loan portfolio management including risk management techniques, credit investigation, commercial loan underwriting and structuring, primary and secondary loan collection including negotiation amendment and enforcement of loan obligations, and disbursement and loan servicing.
• Leadership: Ability to lead and motivate a team of people of diverse cultures and backgrounds.
• Skills: Strong analytical, communication, and interpersonal skills. Must be proficient in the Microsoft Suite of Products. Familiarity with Salesforce is preferred.
• Problem-Solving: Ability to identify and resolve complex problems.
• Organizational Skills: Ability to manage multiple tasks and priorities at the same time.
• Valid driver’s license.
• Must be a resident of the City of Philadelphia or willing to relocate within six (6) months of employment.

OTHER DESIRED CHARACTERISTICS:

• High degree of professionalism under pressure.
• Capacity and desire to function in a high-profile, public-sector environment.
• Effective interpersonal skills, including a demonstrated ability to communicate effectively with clients, management, colleagues, and third-party stakeholders.
• Demonstrated leadership skills and the ability to function as part of a larger team. Must be able to make decisions both independently and in a team environment.
• Written, oral, interpersonal and negotiating skills with ability to interview people at various levels to obtain general and specific credit related information.
• Quantitative, analytic and organizational abilities.
• Very strong drive and work ethic.
• A positive attitude, personal integrity, discretion and candor.
• Adaptable and flexible.
• High degree of creativity.
• Ability to maintain confidentiality.

Compensation and Benefits

PIDC offers a competitive compensation package with generous leave time.

How to Apply

Interested applicants can apply by sending their resume and cover letter, with an annual salary requirement, to: [email protected]