Private Credit Fund Accounting & Administration, Managing Director
About The Position
State Street is seeking a senior-level manager for its Alternative Investments Private Market Services Business Unit. The Managing Director will interact with senior executives within State Street and with major strategic clients, and will lead private credit fund accounting and administration services. The role includes business planning and execution, client relationship management, oversight of client deliverables and operational controls, staff leadership, budgeting and staffing, operational improvement, business development, and special projects. Candidates should bring strong communication and interpersonal skills, initiative, sound judgment under pressure, and the ability to manage multiple assignments. The position requires a college degree and at least 10 years of accounting and/or financial services operations experience. An accounting degree is strongly preferred; business, mathematics, finance, or economics degrees are also specified. The role requires business-unit management experience with complex clients and substantial client interaction. Knowledge of private credit fund structures and accounting, allocation tools, quarterly deliverables, and related technology is also required or preferred as described below. State Street describes its benefits as competitive and comprehensive, with details varying by location. The stated benefits include retirement savings with company match, insurance coverage, paid time off, incentive compensation eligibility, flexible work programs, development and educational support, an Employee Assistance Program, paid volunteer days, matching gift programs, and employee networks.
Requirements
- College degree required; an accounting degree is strongly preferred, and business, mathematics, finance, or economics degrees are specified.
- At least 10 years of accounting and/or financial services operations experience.
- Business unit management experience with complex clients requiring a high level of client interaction.
- Strong problem-solving and analytical skills.
- Leadership ability within the team and among peers.
- Strong communication, interpersonal, and organizational skills, including time management and prioritization.
- Ability to communicate with internal teams to resolve inquiries and recognize when to escalate.
- Initiative, ability to perform under pressure, and ability to handle multiple assignments efficiently while meeting client deliverables.
- Knowledge of private credit fund structures, designs, and hierarchies, including standalone funds and master-feeder funds, and the role of each entity.
- Knowledge of or experience with private credit accounting and allocation technology, such as Investran and Geneva, and waterfall compensation methods and calculations.
- Familiarity with Private Credit Fund Services quarterly deliverables, such as consolidations, PCAPs, Cost and Income Rolls, and ILPAs.
Nice To Haves
- MBA and/or CPA.
- Knowledge of upstream and downstream technology solutions for increasing automation in private markets servicing.
- Familiarity with other alternative investment structures.
Responsibilities
- Develop and execute overall business plans internally and in partnership with clients.
- Manage key client relationships to maintain confidence in State Street and meet client satisfaction expectations for service delivery.
- Oversee daily, weekly, monthly, and quarterly deliverables for the assigned client base.
- Coordinate monthly and quarterly production calendars with clients and internal support teams, including Financial Reporting, Compliance, and Tax.
- Ensure processes and procedures meet quality standards, are consistently applied, and are regularly reviewed.
- Identify and act on high-risk processes, and maintain current knowledge of procedures, controls, and high-risk areas to prevent financial loss.
- Direct and train subordinate managers and staff, and address employee concerns and sensitivities.
- Meet performance-planning requirements, including goal setting, regular and immediate feedback, and formal performance appraisals.
- Support and communicate company initiatives and goals to managers and staff within the role’s span of control.
- Develop department budgets and staffing projections, and prepare staffing proposals for newly awarded business.
- Assess operational effectiveness and recommend changes to improve service delivery and operations.
- Develop ideas for new products and services to expand business opportunities and better meet client needs.
- Participate in new business generation, including proposal reviews, prospect presentations, and staffing allocations.
- Represent State Street internally and externally as a senior-level manager.
- Lead special projects and serve on committees and task forces.
Benefits
- Retirement savings plan (401(k)) with company match.
- Insurance coverage, including basic life, medical, dental, vision, and long-term disability, with other optional coverages.
- Paid time off, including vacation, sick leave, short-term disability, and family-care responsibilities.
- Employee Assistance Program.
- Eligibility for annual performance-based incentive awards, with exceptions for certain sales roles subject to sales incentive plans.
- Eligibility for certain tax-advantaged savings plans.
- Flexible Work Programs and flexible work-life support.
- Development programs and educational support.
- Paid volunteer days.
- Matching gift programs.
- Employee networks.
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What This Job Offers
Job Type
Full-time
Career Level
Senior
