Product Manager, Private Markets Network Rules & Governance

Altic Rulebook OwnerAltic is the rules-based operational network that enables private markets to operate within managed accounts at scale. It is the infrastructure layer that did not exist before. Not a platform, not a portal, not a workflow tool. The right historical reference is not the alternatives access platforms of the last decade, it is what NSCC and Omgeo did for equities: common standards, rules and infrastructure that allowed an entire asset class to operate at volume.The network is built in a sequence, and the sequence is not arbitrary. Rules, then digitisation, then intelligence, then scale. You cannot digitise without rules. You cannot get to intelligence without digitisation. This is why Altic starts with the rulebook.What follows from that is the part people miss. The rulebook, the technical specification and the participant agreement are not paperwork sitting alongside the technology. They are what the technology gets built on. A legal framework agreed once across every participant is what makes a common technical standard possible, and that standard is what turns a set of bilateral relationships into market infrastructure. The rules work is the foundation of the network build, not a condition of being allowed to start it.Every large network has a function that owns its rules. Payments has Visa Rules Management and a Rules Committee. ACH has Nacha's operating rules. Securities settlement has the DTCC and SWIFT standards bodies. Private markets has never had one. This role is the first of its kind for the asset class.The purpose of the role is to own the Altic rulebook, the technical specification and the network's participant agreement as products, not as documents. That means being accountable for what they say, how they change, who agrees to them, and how quickly the network can absorb a change once it is agreed. It also means being the face of them. Externally, you are the rulebook.The immediate job is twofold. Give the network a genuine product owner of its rules, and formalise the governance framework that decides how those rules change, including standing up the committee structure that does not exist yet. Where it goes after that is harder to predict, but as the scope of the network grows the manual version of this job stops scaling. Part of the role is building towards the capability that replaces it: a change-management capability that captures participant feedback, assesses impact across the network, and shortens the cycle from a raised issue to a published rule.You define the rules and the requirements the network is built against, working closely with technical product management and engineering as the build takes shape. The test of your work is not whether the documents are well drafted. It is whether the rules are agreed, adopted, and clear enough to build against.Key stakeholders include: legal and governance, internal and outside counsel; GPs and asset managers participating in the network; wealth managers and platform participants; service providers including transfer agents, fund administrators and custodians; business development, partnerships and strategy; PMN technical product management and engineering; PMN product and operations.This role offers:A first of its kind mandate. Nobody has built a rules function for private markets. There is no incumbent playbook to inherit and no template to fill in.The governance framework does not exist yet. You will formalise it and stand up the committee structure, rather than inherit someone else's process and administer it.The rules are the foundation of the build. What gets agreed in the rulebook is what the technical network is designed against, so this is not documentation that sits to one side.Ownership of the artefacts the entire network depends on, rather than a slice of a roadmap someone else set.A genuinely external role. You will present the rulebook, teach it, and run the forums and events where the network argues it out, in person and virtually.The rulebook is not a document you maintain. It is the product the network runs on, and you are the person who stands behind it.How you will provide meaningful contributions:What You'll Actually Be DoingThis role sits between legal, engineering and the participants themselves, and a lot of it happens in front of people. On any given week, you might be:Walking a GP's counsel through a rule they have taken issue with, and coming back with a change the rest of the network can actually absorb.Presenting the rulebook to a wealth platform's operations leadership, then staying in the room for the two hours of questions that follow.Turning a legal position agreed with outside counsel into a clear requirement the technical product and engineering teams can specify against without guessing.Working out whether the exception a participant is asking for is a waiver, a rule change, or a signal that the rule itself is wrong.Preparing the papers for a rules committee, chasing the decision, then publishing the version and making sure every participant knows what changed and by when.Prototyping the tooling that will eventually run rule change and feedback, rather than waiting for a roadmap slot to do it properly.Key responsibilities include:Owning the Altic rulebook, the technical specification and the network's participant agreement.Formalising the network's governance framework.Assessing the downstream impact of a proposed change across participants, systems and existing agreements.Handling waivers and exceptions deliberately.Keeping a defensible record of why every rule says what it says.Being the public face of the rulebook.Running rule review with participants directly.Designing and hosting the forums that keep the dialogue going.Building the reference material, briefings and Q&A.Working with business development and partnerships.Treating the rulebook as a product.Prototyping and building the change-management capability.Using AI to automate the repetitive parts of the job.Working with technical product management and engineering.Basic qualifications for consideration include:Ownership of rules or standards.Legal fluency without being the lawyer.Private markets lifecycle knowledge.Translation between legal and technical.Precision in writing.Credible in front of a room.Adoption over authorship.Hands-on with AI.Domain experience (beneficial, not required).Personal attributes include:Comfortable being the first person to do something, with no incumbent process to inherit.Patient with detail and impatient with drift.Shows rather than tells.Holds a position under pressure from a large counterparty, and changes it when the argument is genuinely better.Treats a recurring exception as a design problem rather than an administrative one.Happy to be the named owner of something the whole network can disagree with in public.About InvestCloudInvestCloud, a global leader in wealth technology, aspires to enable a smarter financial future. Driving the digital transformation of the wealth management industry, the company serves a broad array of clients globally, including Wealth and Asset Managers, Wirehouses, Banks, RIAs, and Insurers. In terms of scale, the company's clients represent more than 40 percent of the $132 trillion of total assets globally. As a leader in delivering personalization and scale across advisory programs, including unified managed accounts (UMA) and separately managed accounts (SMA), the company is committed to the success of its clients. By equipping and enabling advisors and their clients with connected technology, enhanced intelligence, and inspired experiences, InvestCloud delivers leading digital wealth management and financial planning solutions, complemented by a dynamic data warehouse, which scale across the complete wealth continuum. In 2024, InvestCloud was named CNBC World's Top Fintech Company, a proof point of the company's commitment to innovation and client success. Headquartered in the United States, InvestCloud serves clients around the world. For more information, visit InvestCloud.com.Our ValuesClient ConnectedHuman CenteredTechnology ForwardRespect + IntegrityExcellenceThe actual salary will vary based on applicant's education, experience, skills, and abilities, as well as internal equity and alignment with market