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Fund Accounting & Administration, Assistant Vice President

State Street

State Street

Accounting & Finance
Boston, MA, USA
Posted on Thursday, May 11, 2023

Who we are looking for

This managerial position is within the Private Equity Fund Administration Services Business Unit of the State Street Alternative Investment Services Group. The Assistant Vice President - Private Equity Fund Accounting interacts with all levels of professionals both internally and externally. Therefore, exceptional communication and interpersonal skills are essential. The Private Equity Fund Services group is a growing, dynamic business unit within the Alternative Investment division. Candidates must demonstrate strong technical investment accounting knowledge, initiative, be able to perform well under pressure and simultaneously direct multiple tasks. The position is responsible for maintaining direct client relationships and the day-to-day accounting and administration for several client sponsored investment funds.

Why this role is important to us

The team you will be joining is a part of International Fund Services (IFS), acquired by State Street in July 2002. IFS, also known as Alternative Investment Solutions is a recognized industry-leading provider of fund accounting, fund administration and risk services to hedge funds and private equity funds. These services are fully integrated to provide complete end-to-end solutions that span the front-, middle- and back-office requirements of institutional investors.

Join us if making your mark in the alternative investment industry from day one is a challenge you are up for.

What you will be responsible for

As a Private Equity Fund Accounting & Administration, Assistant Vice President you will:

  • Supervise and mentor colleagues at lower levels.

  • Manage client relationships with both client personnel and fund investors.

  • Review quarterly and annual financial work paper packages including portfolio schedules, accruals and PCAP allocations.

  • Review and/or preparation of annual tax work paper packages.

  • Review and/or preparation of capital calls and distributions, including notices and release merged documents.

  • Review monthly bank reconciliations and post journal entries.

  • Review quarterly management fee calculations.

  • Review and/or preparation of various client related correspondence.

  • Work with database team regarding client deliverables such as financial statements, capital calls and distribution notices.

  • Heavy client interaction on a daily basis.

  • Coordinate the annual audit and tax return preparation with Big 4 accounting firms.

  • Review and/or preparation of waterfall and capital account allocations.

  • Understand how to navigate through limited partnership agreement.

  • Review and/or preparation of estimated tax workpapers.

  • Maintain working relationship with all client contacts, including investment professionals, investors, auditors, lawyers and banking personnel.

  • Ensure compliance with investment fund legal documents, i.e. partnership agreement.

  • Assist accounting managers to ensure compliance with investment fund agreements and other legal documents.

  • Special client projects.

  • Manage internal workflow and client deadlines.

  • During the course of normal day to day operation, be responsible for identifying any unusual or potentially suspicious transaction activity and must report and/or escalate in accordance with corporate policy and guidelines detailed in relevant operating procedures.

Education & Preferred Qualifications

  • Candidates must have a college degree (business, mathematics, finance or economics preferred, accounting concentration a plus) and at least 7 years of accounting experience, including 3 to 4 years of supervisory experience.

  • Multi Currency Horizon (MCH) experience required.

  • Specific experience in the private equity industry is a plus

  • CPA is a plus, but not required.

  • Experience with Investran or other partnership accounting applications is a plus.

About State Street

What we do. State Street is one of the largest custodian banks, asset managers and asset intelligence companies in the world. From technology to product innovation we’re making our mark on the financial services industry. For more than two centuries, we’ve been helping our clients safeguard and steward the investments of millions of people. We provide investment servicing, data & analytics, investment research & trading and investment management to institutional clients.

Work, Live and Grow. We make all efforts to create a great work environment. Our benefits packages are competitive and comprehensive. Details vary in locations, but you may expect generous medical care, insurance and savings plans among other perks. You’ll have access to flexible Work Program to help you match your needs. And our wealth of development programs and educational support will help you reach your full potential.

Inclusion, Diversity and Social Responsibility. We truly believe our employees’ diverse backgrounds, experiences and perspective are a powerful contributor to creating an inclusive environment where everyone can thrive and reach their maximum potential while adding value to both our organization and our clients. We warmly welcome the candidates of diverse origin, background, ability, age, sexual orientation, gender identity and personality. Another fundamental value at State Street is active engagement with our communities around the world, both as a partner and a leader. You will have tools to help balance your professional and personal life, paid volunteer days, matching gift program and access to employee networks that help you stay connected to what matters to you.

State Street is an equal opportunity and affirmative action employer.

Salary Range:

$90,000 - $155,000 Annual

The range quoted above applies to the role in the primary location specified. If the candidate would ultimately work outside of the primary location above, the applicable range could differ.