Job Summary:
The Assistant Manager – Fund Accounting will be responsible for the Fund Administration of complex investment funds including portfolio valuation and Net Asset Value (“NAV”) in a reviewer role; reviewing and assisting with the preparation of the financial statements; liaising with investors and investment managers as well as assisting with systems development and other ad hoc projects as required. In addition, other responsibilities will include client relationship management; new business integration, assisting with training of Fund Accountants and meeting the very tight reporting deadlines and demanding obligations of our clients.
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Essential Functions
NAV’s
- Review and understand the fund’s offering memorandum and verify that offering memorandum agrees to fund set up and ensure ongoing operations adhere to offering memorandum details
- Liaise with investment managers, prime brokers and custodians in relation to trading activity as required for transaction processing and NAV preparation
- Review the NAV for a portfolio of complex investment funds on either a weekly, bi-weekly, monthly, and/or quarterly basis as specified by the client and as outlined in the administration agreement, which includes, among other things
- Review all cash items whether portfolio related, capital transactions or from non-portfolio and other income and expense items
- Review three-way reconciliation of cash and assets/liabilities to the investment managers and custodians (frequency depending on trading activity of the fund
- Review independent third-party pricing support where needed (i.e. from Bloomberg)
- Review and validate the partner/shareholder allocation calculations, including management and incentive fee calculations and the allocation of feeder specific income and expenses
- Review Estimated and Final NAV as required
Client Relationship Management
- Liaise with clients, investors, investment managers and other stakeholders as needed
Projects
- Participate in special projects
- Assist with System Development
Reporting
- Prepare and/or review monthly, quarterly and annual financial reports
- Assist in preparation and/or review of group level reporting
Audit
- Liaise with the fund’s auditors at year end and interim periods to ensure sufficient information is provided to facilitate the timely completion of controls testing and substantive work to the auditors’ satisfaction
- Complete audit confirmation requests
Capital Events
- Review allocations for fund investors
- Review the letters to be sent to fund investors
New Business
- Acquire or assist in new business conversions and reconciliation
Financial Statements
- Review and where necessary assist in the preparation of fund audited financial statements
- Understand fund agreements to determine impact on financial reporting
Compliance
- Monitor and ensure that the AML checks are being carried out in accordance with the procedures and legislation in force. This includes compliance with Performance of general administration relating to private equity funds
- Respond to Investor due diligence requests
Fees
- Review recurring fees as set out in various agreements (i.e. management & administration fee agreements)
- Review fees and expenses on behalf of the clients as directed by Administration Agreement and wire funds to third party service providers such as lawyers and auditors
Quality Assurance Testing
- Conduct quality assurance testing following defined practices and procedures
- Conduct testing according to standards agreed upon by Harmonic and IT
- Make recommendations for updates
Managerial Responsibilities
- Assist with training of Fund Accountants and Senior Fund Accountants.
- Conduct performance reviews for direct reports
Other Responsibilities
- Other job functions as required
- Performance of general administration relating to client funds
Job Qualifications
- A university graduate with a professional accounting qualification (CA, CPA, CGA, CMA or equivalent)
- 3+ years’ experience in a similar role working with complex securities and derivatives products