Role Purpose:
The Funds Accounting Associate is primarily responsible for all aspects of day-to-day accounting for the assigned mutual and investment funds.
Prepare timely and accurate Net Assets Values, yields, distributions, and other fund accounting output for subsequent review.
Key Responsibilities and Activities of the role:
1. Assembling Information
- Prepare timely and accurate Net Assets Values (NAVs), yields, distributions, performance & management fees, and other fund accounting output for subsequent review.
- Record accurately, and in accordance with the Department policies and procedures, such accounting records as securities positions, and journal entries.
- Reconcile various accounts, or reviewing reconciliations prepared by others, and promptly researching and correcting any variances.
- Prepare expense plan/ capital budget statements based on inputs received and tracking capital expenses regularly to ensure adherence to budgets.
2. Analysis & compliance
- Review and analyse the NAVs packs received on externally managed funds, with the aim of assessing Funds/ Portfolio performance against promised benchmarks, and the accuracy of Management/ Performance fees deducted by the Managers with reference to signed agreements.
- Ensure on-going compliance with the Limited Liability Partnership Agreement, Investment Management Agreement, and Investment Policy Statement of each of the fund/portfolio under management.
- Have Shariah clearance for all related investments.
3. Reporting
- Prepare periodic reports to management and investors on fund activities and other related issues.
- Assist, as assigned, in preparing audit schedules, compliance reports, financial statements, or other reports.
- Ensuring consistent application of International Financial Reporting Standards (IFRSs).
4. Approvals and monitoring
- Monitor closely the performance of the funds and portfolios with reference to targets and benchmarks and takes remedial action if and when required.
- Initiate the Financial review of the Investment funds financial performance for review by the Head of the division.
- Supervise and assist the external auditors in the performance of annual audits.
5.Advice and guidance
- Advising the Head of the division with regards to regulatory requirements and any other matters of concern in relation to compliance for suitable action.
6. Relationship Building
- Work with colleagues to maintain effective relationships with associated business functions and partners including Funds/ Portfolio Managers, Custodians, Auditors, Trustees, Funds Administrators etc.
- Contribute to the provision of value-added services to existing/ potential funds investors, with the aim of meeting/exceeding funds investors’ performance expectations.