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HedgeMark Group Manager, Fund/Client Accounting
HedgeMark (“HM”), a BNY Mellon company, specializes in supporting institutional clients in the development and operation of their own private hedge fund dedicated managed account platforms (“DMA”). HM supports clients in formation and structuring of their private vehicles; negotiating fund documents and counterparty agreements and project managing each fund’s launch. Post launch, HM provides risk and performance reporting and investment guideline monitoring to the client. HM is also responsible for performing operational and accounting functions which provide independent oversight and controls to the process.
Overview HM Fund Accounting Team Function
The HM Fund Accounting team works closely with HM’s Operations team for daily and monthly deliverables. The HM Fund Accounting team is responsible for reviewing and approving the Administrator’s net asset valuation, and will review and discuss the final reconciliation and valuation review performed by the Operations analyst. The HM Fund Accounting team is also responsible for reviewing and processing invoices and for managing the audit process. Each fund / client will have primary and backup HM Fund Accounting and Operations analysts who will work together to understand the particulars to the fund and to service the client.
The HM Fund Accounting Team’s responsibilities include:
- Reviewing and providing comments on fund documents during the structuring phase of client DMAs prepared by the HM Product Structuring.
- Coordinate fund set-up with the fund’s administrator on the calculation of fees during the drafting of fund documents.
- Review daily/weekly/monthly NAV calculations, management/incentive fees and expense ratios for a variety of alternative investments products. Recalculate daily/weekly/monthly asset based operating expenses and fixed expenses to ensure accuracy of expenses calculated by administrator.
- Prepare cash and positions reconciliations between reports received from brokers, investment managers and administrators.
- Reviewing valuations for final Net Asset Value calculations to ensure the administrator has valued instruments in accordance with each client’s valuation policy.
- Review daily/weekly/monthly subscriptions/redemptions schedules prepared by external fund administrators and coordinate timely movements of cash.
- Assist external fund administrators with various daily/weekly/monthly projects and coordinate timely NAV reporting to external clients.
- Ensure timely payment of invoiced expenses in accordance with each fund’s agreements.
- Monitoring daily bank and brokers/counterparties cash balances.
- Respond to email queries from clients, investment managers, administrators and counterparties in a timely manner.
- Perform project work to support internal and external needs.
- Work with internal HM-Operations system and provide input and suggestions for enhancements; perform system testing for new releases.
- Maintain industry knowledge by attending educational seminars and reviewing publications.
The HM DMA Fund Accounting Team Manager is responsible for the following functions:
- The HM DMA Fund Accounting Manager will work closely and act as a partner with the HM Poland DMA Operations Manager in terms of resource allocation and planning, policies and procedures implementations, work oversight and client support. The Poland Fund Accounting Manager will report to HedgeMark’s Head of Fund Accounting, who is located in New York. The Poland teams will work closely with the HM New York and India teams to manage daily and monthly deliverables.
- Manage relationships with a broad set of clients and resolve any unique escalated issues related to fund calculations and accounting.
- Recruit, direct, motivate and develop junior and senior accounting staff, maximizing their individual contribution, their professional growth and their ability to function effectively with their colleagues in a team environment.
- Direct processes and allocation of staff resources in determining the net asset value (NAV) for assigned funds in multiple sectors for each measurement cycle.
- Direct multiple fund accounting teams that are responsible for conducting accounting services on behalf of a broad array of assigned clients including determining net asset values, calculating fund performance, allocating expenses, and preparing reports.
- Direct and set priorities for processes that check for the completeness and accuracy of disclosure in financial statements.
- Provides guidance to the accounting team to ensure that accounting records are maintained in accordance with departmental policies and procedures. Resolves complex escalated issues from team members.
- Responsible for the financial and human resources for the unit and ensures assigned teams are operating effectively to meet unit goals and objectives.
- Implement and assist in setting policies and priorities to managing an audit timeline and reviewing draft audited financial statements for a broad set of clients prepare by the applicable fund’s administrator.
- The candidate must have knowledge of and experience with hedge funds with many different types of investment structures and instrument types, including equities, fixed income, foreign exchange, interest rate swaps, credit default swaps, OTC options and structured products.
- The candidate must be highly proficient with PC applications (Excel and Word), must possess strong analytical and verbal communication skills and be able to work independently and under significant pressure while adhering to constantly changing strict deadlines.
- The candidate must be extremely detailed and control-oriented with a very strong understanding of the risks of our business, in addition to having good interpersonal skills in order to effectively partner with employees that do not report to him/her and to deal effectively with other internal groups and external clients.
- Contributes to the achievement of multiple team objectives and hands-on experience in managing junior accountants on daily tasks.
- Sufficient knowledge of various legal documents such as Offering Memorandums and Partnership Agreements.
- Ability to evaluate GAAP and/or IFRS rules to determine impact of new regulations on HM DMA clients. Develops strategy for and provides guidance to teams on the implementation of new policies to follow regulations.
- Bachelor’s degree in accounting or the equivalent combination of education and experience is required.
- 5-10 years of total work experience and at least 1-3 years in management preferred. Big 4 accounting firm experience and CPA/CA preferred.
If you apply for this role this means you agree with the following statement:
Through my application for a role with BNY Mellon (Poland) sp. z.o.o. (the Company) I hereby authorize the Company to process my personal data for the purposes of recruitment. Furthermore I declare that I am aware of the voluntary submission of data and I am informed about the right to access the data and the right to correct it, pursuant to the Personal Data Protection Act of 29 August 1997 (Journal of Laws [Dz.U] No. 133, item 883)”. I authorise the Company to process my personal data for future recruitment processes.
Furthermore, I authorize BNY Mellon and its’ affiliates, Taleo (UK) Limited to process my personal data.
BNY Mellon and affiliates registration details.-
BNY Mellon (Poland) sp. z.o.o Registered office – Swobodna 3, 50-088 Wroclaw
The Bank of New York Mellon (International) Limited – 1 Canada Square, London, E14 5AL
The Bank of New York Mellon SA/NV – 46 Rue Montoyerstraat, B-1000 Brussels, Belgium
Taleo (UK) Limited Registered office - 78-586 Chiswick High Road, London W4 5RP, United Kingdom,
Please note that during the recruitment process you may be asked to provide further information and supporting documents. The information provided may be verified and reviewed, to the extent permitted by the law, as to their veracity and accuracy.
For over 230 years, the people of BNY Mellon have been at the forefront of finance, expanding the financial markets while supporting investors throughout the investment lifecycle. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments & safeguards nearly one-fifth of the world's financial assets. BNY Mellon remains one of the safest, most trusted and admired companies. Every day our employees make their mark by helping clients better manage and service their financial assets around the world. Whether providing financial services for institutions, corporations or individual investors, clients count on the people of BNY Mellon across time zones and in 35 countries and more than 100 markets. It's the collective ambition, innovative thinking and exceptionally focused client service paired with a commitment to doing what is right that continues to set us apart. Make your mark: bnymellon.com/careers.
BNY Mellon's Asset Servicing business is dedicated to dynamically supporting our clients' investments and safeguarding their assets, keeping them working around the clock and across the world. It's part of our commitment to being a true partner for our clients' investment success. We specialize in operational solutions and capabilities for today's market-enhancing management and administration of investments with services that process, monitor and measure investment data from around the world. By leveraging BNY Mellon's global footprint and deep expertise, we deliver insight-driven solutions for every phase of investing.
BNY Mellon is an Equal Employment Opportunity Employer.
Primary Location: Poland-Dolnoslaskie-Wroclaw
Internal Jobcode: PAS17
Requisition Number: 1806792