Alternative Ops Fund Accounting, Associate 2

State Street•Boston, MA

11d

About The Position

The Associate 2 joins State Street’s Alternatives operation, which provides fund accounting, fund administration, and risk services to alternative investment fund managers. The role supports end-to-end fund operations in a dynamic, challenging, fast-paced environment, using established procedures, controls, and technology. The position includes accounting for complex investment transactions and structures, meeting client and internal deadlines, and maintaining service quality. It also involves identifying and escalating unusual or potentially suspicious transactions, supporting process improvements, and continuing professional development through training.

Requirements

College diploma or university degree with a concentration in Accounting, Finance, or Economics.
Working knowledge of Microsoft Excel and Word.
Excellent communication and interpersonal skills.
Ability to work collaboratively as a team player.
Strong attention to detail, accuracy, and organization.
Strong analytical skills and a proactive approach to problem solving.
Confident, decisive, and energetic approach.
Strong work ethic, flexibility, adaptability, and ability to work within deadlines.
Can-do attitude and high energy.
Self-motivation and a passion for learning and growth.
Overtime may be required.

Nice To Haves

Knowledge of Bloomberg.

Responsibilities

Complete daily processing and monitoring of fund activities.
Prepare capital call and distribution calculations and related investor notices.
Prepare or review periodic bank and cash reconciliations and post journal entries.
Prepare quarterly management fee calculations.
Prepare waterfall calculations and capital account allocations.
Prepare fund trial balances and supporting workpapers.
Assist with the quarter-end book closing process.
Help manage internal workflow to meet processing and client deadlines.
Work with other service departments to resolve errors, issues, and reconciliation discrepancies.
Establish and maintain effective working relationships with internal clients and colleagues.
Ensure processes comply with service-level agreements and escalate matters when necessary.
Participate in special client or internal projects as required.
Assist with new business setup and conversions.
Identify unusual or potentially suspicious transaction activity and report or escalate it under corporate policies and operating procedures.
Adhere to standard procedures and controls, and propose and implement improvements to enhance efficiency and accuracy.
Liaise with investment managers, auditors, and banks.
Continue personal education and development by attending State Street training sessions.

Benefits

Competitive and comprehensive benefits, including medical care, insurance, and savings plans; details vary by location.
Flexible Work Program.
Development programs and educational support.
Paid volunteer days.
Matching gift program.
Employee networks.
401(k) retirement savings plan with company match.
Basic life, medical, dental, vision, long-term disability, and optional insurance coverage.
Paid time off, including vacation, sick leave, short-term disability, and family-care leave.
Employee Assistance Program.
Eligibility for annual performance-based incentive awards, except certain sales roles subject to sales incentive plans.
Eligibility for certain tax-advantaged savings plans.