Key Responsibilities and Required Skills for Fund Accounting Manager

🎯 Role Definition

Are you a seasoned fund accounting professional ready to take the next step in your leadership journey? This role requires a dynamic, meticulous, and experienced Fund Accounting Manager to join a high-performing team within the fast-paced world of asset management. In this critical role, you will be responsible for overseeing the entire accounting and reporting lifecycle for a portfolio of complex investment funds, such as hedge funds, private equity, or venture capital. You will lead a team of talented accountants, serve as a key contact for sophisticated clients, and ensure the accuracy and integrity of all financial data. This is an exceptional opportunity to leverage your technical expertise and leadership skills to drive operational excellence and contribute directly to our firm's success.

📈 Career Progression

Typical Career Path

Entry Point From:

Senior Fund Accountant
Assistant Fund Accounting Manager
Senior Auditor (from public accounting with a focus on investment funds)

Advancement To:

Director of Fund Accounting
Vice President (VP) of Fund Operations
Controller (Fund or Management Company)

Lateral Moves:

Operations Manager
Compliance Manager

Core Responsibilities

Primary Functions

Oversee the end-to-end fund accounting and administration process for a diverse portfolio of clients, including hedge funds, private equity, and real estate funds.
Manage the timely and accurate preparation, review, and delivery of Net Asset Value (NAV) packages, ensuring compliance with internal policies and accounting standards.
Lead the preparation and comprehensive review of annual, semi-annual, and quarterly financial statements in accordance with US GAAP or IFRS, including all related footnotes and disclosures.
Act as the primary point of contact for a dedicated portfolio of clients, building and maintaining strong relationships by providing exceptional service and proactively addressing complex inquiries.
Coordinate and manage the entire external audit process, liaising directly with auditors to provide necessary documentation, answer inquiries, and ensure a smooth and timely completion.
Supervise, train, and mentor a team of senior and junior fund accountants, fostering their professional development through continuous coaching, constructive performance reviews, and clear goal setting.
Review and approve complex calculations, including multi-tiered management fees, performance/incentive fees, and carried interest waterfalls, ensuring accuracy and adherence to fund legal documents.
Ensure all capital activity, including subscriptions, redemptions, transfers, and capital calls/distributions, is accurately processed, reconciled, and recorded in the accounting system.
Perform a final review and approval of daily/monthly cash, position, and P&L reconciliations, ensuring the team investigates and resolves all breaks or discrepancies in a timely manner.
Drive process improvement initiatives to enhance efficiency, accuracy, and scalability within the fund accounting function, including the evaluation and implementation of new technologies.
Manage the onboarding of new funds, which includes the detailed review of legal documents (LPA, PPM), system setup, and establishing robust operational workflows.
Ensure strict adherence to internal controls, policies, and procedures to mitigate operational risk and maintain compliance with all relevant regulations.
Review and interpret complex partnership agreements and other legal documents to ensure all accounting and reporting is performed in accordance with the governing terms.
Handle complex accounting issues related to a variety of investment types, including private debt, equities, complex derivatives, and other illiquid or hard-to-value assets.
Oversee the preparation and review of various investor-level reports and capital account statements, ensuring accuracy and clarity for limited partners.
Collaborate closely with internal teams such as Investor Relations, Operations, Tax, and Compliance to ensure seamless service delivery and information flow.
Manage team workflow, allocate resources effectively, and monitor deadlines to ensure all client deliverables are met with the highest quality standards.
Provide technical accounting guidance and expertise to both the internal team and external clients on complex accounting treatments and new accounting pronouncements.
Participate in client service meetings and board presentations, effectively communicating financial results, operational updates, and key performance indicators.
Review and approve wire transfers and payment instructions related to fund expenses, investor transactions, and investment activities, ensuring proper authorization and controls are in place.

Secondary Functions

Support ad-hoc data requests and exploratory data analysis for senior management and clients.
Contribute to the organization's data strategy and roadmap, particularly as it relates to financial reporting and accounting systems.
Collaborate with business units to translate data needs into engineering and system enhancement requirements.
Participate in sprint planning and agile ceremonies for projects related to technology upgrades or system migrations.

Required Skills & Competencies

Hard Skills (Technical)

Deep technical knowledge of investment company accounting under US GAAP and/or IFRS (as per ASC 946).
High proficiency with major fund accounting platforms such as Geneva, Investran, Allvue, or eFront.
Advanced proficiency in Microsoft Excel, including complex formulas, pivot tables, data modeling, and macros for automation.
Extensive experience with various alternative fund structures, including master-feeder, funds-of-funds, blockers, and special purpose vehicles (SPVs).
Strong understanding of partnership accounting principles and the ability to calculate and review complex waterfall models and carried interest allocations.
Experience valuing and accounting for a wide range of financial instruments, including private credit, Level 3 assets, swaps, and other derivatives.
Certified Public Accountant (CPA) license or equivalent professional certification is highly desirable.

Soft Skills

Demonstrated leadership, team management, and mentoring capabilities with a proven track record of developing and motivating staff.
Exceptional client relationship management skills with the ability to communicate complex accounting concepts clearly and professionally to a non-technical audience.
Superior analytical and problem-solving skills with a high degree of accuracy and meticulous attention to detail.
Excellent organizational and time-management skills, with the ability to manage multiple competing priorities and deliver results in a fast-paced, deadline-driven environment.
Strong written and verbal communication skills, capable of interacting effectively with all levels of an organization, from junior staff to senior executives and clients.

Education & Experience

Educational Background

Minimum Education:

Bachelor's Degree

Preferred Education:

Master’s Degree (e.g., Master of Accounting, MBA)

Relevant Fields of Study:

Accounting
Finance

Experience Requirements

Typical Experience Range:

7-10+ years of progressive experience in fund accounting or public accounting with a focus on the asset management industry.

Preferred:

At least 2-3 years of direct supervisory or management experience.
A combination of experience from a fund administrator, "Big 4" public accounting firm, and/or an in-house fund is highly advantageous.
Active Certified Public Accountant (CPA) license.