Alternative Ops Fund Accounting Officer
State Street
Alternative Ops Fund Accounting Officer
State Street
Holds assets for institutions and runs index funds
We are looking for an experienced fund accounting and alternative investment servicing professional to lead a group supporting complex client portfolios. This is a mid-level management role requiring strong technical judgement, operational discipline and the ability to coordinate across clients, counterparties and internal service teams. The successful candidate will take ownership of service delivery, controls, issue resolution and people development in a fast-paced environment with multiple deadlines and evolving operating models.
The team you will be joining is part of Alternative Investment Solutions (AIS), a leading provider of fund accounting, fund administration and operational support services to alternative investment managers and institutional investors.
The team acts as a key coordination and control point across the alternative investment servicing lifecycle. The team connects client requirements with operational execution, helps ensure that investment, transaction, cash, valuation and reporting information is complete and accurate, and drives timely resolution of exceptions. The role is important in maintaining service quality, strengthening the control environment and supporting scalable, technology-enabled delivery across private equity, private credit, fund-of-funds and direct investment structures.
• Lead the day-to-day delivery of the team, set priorities, allocate resources and ensure activities are completed accurately and within agreed deadlines and service standards.
• Act as a senior point of contact for clients and internal stakeholders. Maintain effective working relationships, manage expectations, communicate status clearly and escalate material risks or delays promptly.
• Oversee client and investment onboarding activities, including review and coordination of investment attributes, legal and operational documentation, account and system setup, and hand-offs to downstream teams.
• Provide oversight of cash and transaction-related activities, including capital calls, distributions, paydowns, interest and fee receipts, payment-in-kind events, transfers, adjustments and other investment lifecycle events, as applicable to the supported operating model.
• Ensure cash reconciliation, cash reporting, transaction booking inputs and related supporting documentation are complete, accurate, timely and subject to appropriate maker-checker controls.
• Oversee valuation and market value support processes, including collection and review of source documents, follow-up on missing information, reasonableness checks, exception investigation and coordination with valuation or accounting teams.
• Coordinate document management activities and maintain evidence required to support operational processing, control execution, client reporting and audit requests.
• Support annual audit and agreed-upon-procedure activities by coordinating document requests, population and sample evidence, issue follow-up and timely responses across process owners.
• Own the review and resolution of service issues, exceptions, missed deadlines and potential operational incidents. Ensure root causes, impacts, remediation actions and preventive measures are appropriately documented and tracked to closure.
• Monitor service performance through KPIs, issue logs, exception reporting and control evidence. Provide clear management reporting and identify trends requiring action.
• Ensure procedures, checklists and controls remain current, consistently applied and aligned with the approved operating model. Promote strong information-security, confidentiality and risk-awareness practices.
• Partner with technology, product, operations and project teams on new business, migrations, system enhancements and target operating model changes. Translate business scenarios into clear requirements and participate in testing, readiness and implementation activities.
• Assess operational effectiveness and drive standardisation, automation and process improvements while maintaining appropriate controls and clear accountability across team hand-offs.
• Lead, coach and develop team members and subordinate managers. Set objectives, provide timely feedback, support training and succession planning, and foster a collaborative, accountable and inclusive team culture.
• Contribute to capacity planning, staffing proposals, budget inputs and broader business initiatives. Represent the function in governance forums, client discussions and cross-organisational working groups as required.
• Strong ownership and accountability, with a client-service mindset and a consistent focus on quality and risk management.
• Demonstrated knowledge of alternative investment operations and fund accounting, including private equity, private credit, fund-of-funds and direct investment structures.
• Strong understanding of investment lifecycle events, including onboarding, funding, capital calls, distributions, repayments, valuations, restructurings and exits.
• Ability to understand complex transaction and investment scenarios, identify control implications and make well-reasoned decisions based on available evidence.
• Excellent organisation and prioritisation skills, with the ability to manage multiple deliverables, changing priorities and time-sensitive escalations.
• Strong analytical and problem-solving capability, with close attention to detail and the ability to distinguish small but significant differences in documents, data and transaction terms.
• Clear, confident written and verbal communication, including the ability to explain technical or operational matters to clients, senior management and cross-functional partners.
• Ability to influence without relying solely on authority, build alignment across teams and drive actions through to completion.
• People leadership capability, including coaching, delegation, performance management and development of technical and managerial talent.
• Curiosity and a continuous-improvement mindset, with the confidence to challenge inefficient practices and propose practical, controlled solutions.
• A professional, collaborative and resilient approach when working under pressure.
• University degree in accounting, finance, economics, business, mathematics or a related discipline. A professional accounting or investment qualification, or progress towards one, is an advantage.
• At least 7 years of relevant experience in fund accounting, fund administration, alternative investment operations or a comparable financial-services environment, including 2 to 3 years of supervisory or management experience.
• Experience supporting complex alternative investment products and multi-party operating models is strongly preferred.
• Experience in client service, operational controls, issue management, audit support, process improvement, migrations or system implementation is preferred.
• Advanced proficiency in Microsoft Excel and strong working knowledge of Microsoft Office applications. Experience with fund accounting, workflow, documentation or data-management platforms is an advantage.
• Fluent written and spoken English. Ability to work effectively across locations, cultures and time zones.
The role works closely with client representatives, fund accounting and NAV teams, middle-office and transaction-processing teams, document management, reconciliation, valuation, financial reporting, audit, technology, product and project-management partners. Responsibilities may vary by client, investment type and target operating model; the Officer is expected to understand the applicable scope, maintain clear ownership and ensure that hand-offs are controlled.
Across the globe, institutional investors rely on us to help them manage risk, respond to challenges, and drive performance and profitability. We keep our clients at the heart of everything we do, and smart, engaged employees are essential to our continued success.
We are committed to fostering an environment where every employee feels valued and empowered to reach their full potential. As an essential partner in our shared success, you’ll benefit from inclusive development opportunities, flexible work-life support, paid volunteer days, and vibrant employee networks that keep you connected to what matters most. Join us in shaping the future.
As an Equal Opportunity Employer, we consider all qualified applicants for all positions without regard to race, creed, color, religion, national origin, ancestry, ethnicity, age, disability, genetic information, sex, sexual orientation, gender identity or expression, citizenship, marital status, domestic partnership or civil union status, familial status, military and veteran status, and other characteristics protected by applicable law.
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Holds assets for institutions and runs index funds
State Street holds and services investments for pension funds, insurers, fund companies, and other large institutions, and it also runs index funds through State Street Investment Management. It launched the first US-listed exchange-traded fund, the SPDR S&P 500 ETF Trust, in 1993, and in 1924 it became custodian of the first US mutual fund. As a custody bank, it safekeeps clients' stocks and bonds, completes their trades, calculates what their funds are worth, and lends their securities to other investors. It earns fees on the assets it services and manages, plus income from currency trading and from interest on client cash. State Street traces its roots to a bank chartered in 1792 and is based in Boston, Massachusetts.
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