Fund Accountant
Controller Job Description
A fund accountant is responsible for preparing consolidated accounts and investor reporting for investment funds, such as real estate, debt, or private equity. In some cases, fund accountants are tasked with reviewing work prepared by the fund administrator before the main fund accounting is outsourced. They work alongside an investment manager to ensure the fund is well serviced. Businesses employ fund accountants to ensure that each fund is achieving its objectives, while remaining compliant. In some cases, this role is more focused on how money is spent rather than the profits incurred. For this reason, professionals are expected to produce transparent financial reporting for management and investors.
As a fund accountant you will need to be an organized person who has the ability to handle deadlines under pressure such as month, quarter and year-end. You will also need to be a good team player as the average team size in this industry is between 8 – 12 people. The right attitude is vital, especially at interview stage. Employers are looking for people who have a flair for the funds industry and have a desire to progress within this area. It is also important to target companies that suit your specific background, for example if you have experience in hedge funds it is important that you target a fund administrator that works on hedge funds and not (for example) fund of funds. It can be difficult to move between areas and employers have a preference for individuals who can come into a role and hit the ground running.
Nearly all roles will be looking for individuals who have completed a relevant university degree (such as Accounting, Economics, or Business Management, to name a few). Most employers will also be open to looking at those from an Audit background as well, as this requires some of the same skills that are needed to become a successful Fund Accountant.
Typical duties of a Controller
• Implement fund structures on accounting system.
• Assist in design and implementation of internal audit practices and procedures.
• Coordinate with fund administrator for accounting and reporting matters.
• Review and coordinate fund expense analysis and expense processing.
• Assist in development of policies and procedures for work performed.
• Prepare reports provided to internal and external customers, including maintenance of supporting documentation.
• Analyze fund performance on a daily and monthly basis.
• Oversee, as a resource, acquisitions of new business and portfolio management.
• Generate quarterly financial statements, accompanying notes, and supporting schedules.
• Daily/Monthly/Quarterly reconciliation of investment positions and fair market values.
• Assist with reviewing compliance and regulatory filings.
• Support and review the work produced by lower-level staff.
• Prepare and maintain goals and career development plans for all direct reports.
• Quarterly calls: Track participants and take notes for calls.
• Assist in tracking PSC member information participation in meetings and teleconferences.
• Ensure accurate and timely recording of general journal entries.
• Where applicable, support the tax team with information to prepare tax compliance/reports.
• May participate in annual and strategic business planning process.
• Develop strong business relationships with both internal and external clients.
• Provide fund advisors with forecasted available cash for fund every morning in a quick and accurate manner.
• Prepare allocations of capital calls and distributions and setup notices accordingly.
• Assist other departments with the acquisition and disposition of real estate properties.
Essential skills:
• Good interpersonal skills
• Excellent attention to detail
• Good time management skills
• Ability to multitask
• Experience working in real estate, debt funds or private equity
• Advanced Excel skills
• Experience with specialist software
Qualifications: Finance; Accounting; Mathematics