Who we are looking for The Private Equity Waterfall SME, Assistant Vice President will serve as Subject Matter Expert on private equity carried interest and management fee calculations to further enhance a proprietary tool and configure/deploy waterfall models using that tool for existing and new business. Primary day-day responsibility relates to onboarding and support of complex fee calculations for a major client within the AIS-PE business. The ideal candidate will be able to further process improvement agenda and disseminate these best practices across our businesses.
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 the Private Equity SME you will
Manage, coordinate, execute and support all aspects of waterfall model deployment strategy
Consult both internally with fund accounting teams, and externally with clients on interpretation and construction of total return and deal-by-deal waterfall models
Assess data clean-up or enrichment needs to be able to automate waterfall process
Ensure compliance with fund legal documents, i.e. limited partnership agreements
Work with developers to define new requirements (formulaic, data needs and/or reporting needs) for ongoing development of waterfall automation tool
Manage User Acceptance Testing of waterfall tool development and rollout including test scripts and success criteria
Serve as "voice of the fund accountant/waterfall owner" in technical and product-led discussions.
Provide management reporting including but not limited to project status reports, KPIs, etc.
Review workflow process and implement process improvement
Train and educate fund accounting teams on interpretation of LPAs, configuration of waterfall models, instruction on the waterfall calculation tool, etc.
Supervision of staff accountants related to tasks above
Help create a Lean Culture by focusing on continuous improvement
Education & Preferred Qualifications
Bachelor's degree or higher (Accounting preferred). MBA, CPA, CFA, or CAIA a plus
7+ years of private equity accounting experience either at a fund or fund administrator
5+ years extensive waterfall modeling Total Return and Deal-by-Deal: must be able to efficiently and independently build an Excel waterfall model in its entirety
Investran knowledge preferred
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. Discover more at StateStreet.com/careers