Institutional Equity Division – Director, Fund Services Valuation & Quality Assurance (New York/Purchase)

Morgan Stanley•New York, NY

1d•Hybrid

About The Position

Morgan Stanley is a leading global financial services firm. Morgan Stanley Fund Services (MSFS) is a leading provider of third-party hedge fund services with over 1,400 employees globally. The Valuation & Quality Assurance Review Team plays a key role in fund accounting oversight within the global MSFS model, assessing the reasonableness of client pricing approaches through benchmarking. This is a hybrid role with an emphasis on Valuation reviews, involving interaction with hedge funds and internal teams to resolve queries and price challenges. The role also includes leading valuation and accounting projects, ensuring smooth client transitions, and enhancing the quality of Net Asset Value (NAV) production. The successful candidate will be responsible for ensuring accurate capture of exotic trade terms, utilizing vendor systems for end-of-day valuations, and improving in-house systems for systematic term capture and pricing. This includes reviewing terms against client communications and trade confirms, obtaining valuations post-trading, and ensuring accurate capture within client portfolios. The role also involves performing Final Accounting Reviews of NAVs, developing analytical tools and review procedures, spearheading Quality Assurance initiatives, providing exception reporting to senior management, and designing/enhancing policies, procedures, and controls. Building and managing relationships with senior management and business owners, integrating with global colleagues, and maintaining up-to-date knowledge of GAAP and industry updates are also key aspects of this position.

Requirements

Understanding of fixed income, credit, interest rate and derivatives products.
Understanding of middleware and valuation systems such as MarkIt, SuperD, Bloomberg etc. preferable.
Public accounting, Private Equity / Hedge Fund Administration or management experience is a distinct advantage.
Experience in dealing with hybrid structures, including calculation methodologies (waterfalls etc.) and hedge funds/regulated funds additionally would be an advantage.
5 years of post-qualification experience (PQE), preferably including public accounting experience supporting investment-related companies.
The ideal candidate will have extensive experience and a thorough understanding of industry and accounting practices.
Strong technical skills.
US GAAP knowledge required including strong understanding of hedge fund structures.
Knowledge of other accounting standards like IFRS would be an advantage
Knowledge of the Irish regulatory requirements (particularly UCITS and AIF type structures and reporting requirements, including daily reporting requirements) would be an advantage.
Proven ability to advise/influence group managers, employees and senior management
Previous Quality Assurance experience in a related field would be an advantage.
Excellent interpersonal skills, both oral and written
Broad and deep understanding of accounting and operational issues related to hedge fund, private equity and regulated funds administration
Ability to think strategically with excellent planning and prioritization skills
Ability to deal effectively across all levels of the firm’s extensive support structure
Ability to work independently and as part of a global team
Dynamic leader and proven team player
Ability to handle pressure effectively
Execute sound judgment on escalating risk
Strong work ethic and ability to be flexible and be involved in ad hoc projects as and when they arise
Fully completed Accounting qualification/certification e.g. CPA, CA, ACCA, CIMA or a CFA accreditation is a distinct advantage

Nice To Haves

Understanding of middleware and valuation systems such as MarkIt, SuperD, Bloomberg etc. preferable.
Public accounting, Private Equity / Hedge Fund Administration or management experience is a distinct advantage.
Experience in dealing with hybrid structures, including calculation methodologies (waterfalls etc.) and hedge funds/regulated funds additionally would be an advantage.
Knowledge of other accounting standards like IFRS would be an advantage
Knowledge of the Irish regulatory requirements (particularly UCITS and AIF type structures and reporting requirements, including daily reporting requirements) would be an advantage.
Previous Quality Assurance experience in a related field would be an advantage.
Fully completed Accounting qualification/certification e.g. CPA, CA, ACCA, CIMA or a CFA accreditation is a distinct advantage

Responsibilities

Responsible for ensuring terms of exotic trades are captured correctly and using vendor systems to provide end of day valuation to hedge fund clients.
Improve and refine process - Understand requirements, prototype and work with developers to enhance in-house system for systematic term capture and pricing.
Review terms against client communication, trade confirms and middleware systems.
Obtain valuation for client positions post close of trading and ensure these are captured correctly within client portfolios.
Face off with hedge funds and colleagues in internal teams to resolve queries/price challenges.
Assist in the performance of Final Accounting Review of NAVs completed in either the same or other MSFS locations within a defined time delivery schedule
Develop effective analytical tools and review procedures to enhance NAV deliveries and perform enhanced reviews and provide innovative solutions
Spearhead Quality Assurance initiatives and projects within the Accounting and Valuation space with a drive towards ensuring consistent high quality work products are delivered
Provide exception reporting to senior management and functional groups on the adherence of Valuation and Fund Accounting to group policies and procedures
Design, implement and enhance policies, procedures and controls based on observations
Build and manage relationships with senior management and other business owners to champion deliverables
Integrate with global colleagues to ensure standard operating practice
Maintain up to date knowledge of GAAP and industry updates and ensure relevant application of the same
Undertake any other responsibilities, tasks or activities as reasonably required