Private Credit, Fund Accounting & Administration, Assistant Vice President

State Street•Clifton, NJ

About The Position

State Street’s Private Credit team provides administrative services to closed-end investment funds and a range of portfolio investments. The role supports hybrid hedge and private equity products for asset managers and serves as a hub for delivering private equity net asset value (NAV) administration. The position works closely with trade operations, investor services, custody, tax, and financial reporting teams in local and global locations. As Fund Accounting & Administration Assistant Vice President, you will manage a growing team delivering accounting and administrative services for alternative investment client relationships. You will oversee investor income allocations, management and incentive fee calculations under fund waterfall provisions, capital calls and distributions, portfolio- and fund-level accounting, and review and approval of monthly or quarterly NAV reporting. The role also leads onboarding of existing client funds and launches of new funds, develops client-focused technology solutions, supports cross-selling and strategic process improvements, and recruits, trains, motivates, and develops staff. The position is part of International Fund Services (IFS), State Street’s Alternative Investment Solutions business, which provides integrated fund accounting, fund administration, and risk services to hedge funds and private market funds.

Requirements

Bachelor’s degree in Accounting or Finance.
At least 5 to 6 years of Private Market experience.
Strong critical thinking, problem-solving, and decision-making skills.
Good interpersonal skills.
Attention to detail.
Effective time management.
Highly effective communication and management skills.
Ability to thrive and function in a high-pressure, deadline-driven environment.

Nice To Haves

Experience with alternative investment asset classes, complex fund structures, and fee calculations is desired.
CPA qualification is favorable but not required.
Experience with Investran or Geneva is favorable but not required.

Responsibilities

Manage a growing team of financial services professionals producing and delivering accounting and administrative services for alternative investment client relationships.
Allocate income to investors, determine management and incentive fees in accordance with waterfall provisions, and process capital calls and distributions.
Oversee portfolio- and fund-level accounting for multiple funds, including review and approval of monthly or quarterly net asset value reporting.
Lead the onboarding of existing client funds and the launch of new funds.
Maintain a strong commitment to client satisfaction.
Ensure adherence to internal policies and procedures and external governing regulations.
Design and champion technology solutions for clients’ complex reporting and data requirements.
Identify and participate in cross-sell opportunities.
Participate in strategic working groups to improve processes and the operating model.
Recruit, hire, train, motivate, and develop staff.

Benefits

Retirement savings plan (401K) with company match.
Insurance coverage including basic life, medical, dental, vision, long-term disability, and other optional additional coverages.
Paid time off, including vacation, sick leave, short-term disability, and family care responsibilities.
Access to an Employee Assistance Program.
Incentive compensation, including eligibility for annual performance-based awards, excluding certain sales roles subject to sales incentive plans.
Eligibility for certain tax-advantaged savings plans.
Inclusive development opportunities.
Flexible work-life support.
Paid volunteer days.
Employee networks.