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Valuations Vice President, Hedge Fund Solutions
Blackstone
New York, NY, United States
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Blackstone:
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with over $360 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
BAAM:
Blackstone Alternative Asset Management (BAAM®), Blackstone’s Hedge Fund Solutions platform, is the world’s largest discretionary investor in hedge funds, with approximately $71 billion in assets under management. BAAM manages a diversified set of businesses including a customized solutions business, a special situations platform, a long-only solutions business, a hedge fund seeding business, an open-ended mutual fund platform and a business that purchases stakes in established hedge funds. In all of BAAM’s business lines, it carefully selects and partners with fund managers across a variety of asset classes and strategies to create solutions for its investors. Through its sharp focus on clients’ goals, a rigorous due-diligence process and access to Blackstone’s global insights, BAAM strives to generate attractive risk-adjusted returns across market cycles while preserving capital during stressed market environments.
Job Description
This position will manage and oversee BAAM’s valuation process for BAAM’s direct trading funds, registered products and minority interest private equity fund.
Responsibilities
• Oversee the preparation and review of materials for the Valuation Committee and Fund Board of Trustees
• Present materials to the Valuation Committee and Fund Board of Trustees
• Coordinate and manage multiple Valuation Committees
• Adhere to best practices in development of valuation methodologies in compliance with ASC 820 Fair Value guidance
• Maintain and oversee the implementation of the pricing authorization matrix and valuation policies and procedures by applicable internal and external parties (i.e. shadow service provider, independent fund administrator)
• Oversee the daily and monthly valuation process by working with the investment teams, fund accounting team, third party administrator, shadow books and records service provider and third party independent valuation specialists
• Closely liaise with investment team to develop, maintain and analyze private valuation templates including discounted cash flow (DCF, performance multiple (PM) and other valuation models)
• Compile documentation to support valuation methodology and underlying model assumptions
• Liaise with pricing vendors and brokers/dealers as necessary
• Perform price verification procedures between shadow accounting books and records service provider and independent administrator
• Manage year-end audit valuation testing
• Participate in new fund launches and related onboarding to understand new financial instruments/products that will be held and determine appropriate valuation sources
• Enhance existing valuation reporting processes and procedures
• Stay up to date on current market developments and industry best practices
• Conduct research and analysis on complex security pricing issues and market events
• Train, manage and supporting team members
• Ad-hoc projects
Qualifications
• 8-10 years’ valuation experience at a top tier accounting firm, third party valuation provider or asset management firm. Mix preferred
• Strong knowledge of private investment valuation methodologies
• Strong product knowledge of various financial instruments across fixed income, structured products and derivatives
• Strong experience with broker quotes and outside data vendors such as Bloomberg, Reuters, and Markit strongly preferred
• Leadership experience in organizing, planning and executing projects from conceptualization through implementation across multiple internal and external reporting and organizational lines, with an emphasis on relationship management and communication at all levels
• Strategic thinking and process re-engineering experience
• Proven ability to perform under pressure and to adjust plans to meet changing needs and requirements
• Ability to summarize issues, develop recommendations and make decisions
• Ability to multitask and prioritize diverse tasks
• Strong attention to detail, demonstrated integrity and professionalism
• Excellent managerial and interpersonal skills
• Ability to stay knowledgeable about, research and reach well-reasoned conclusions on technical accounting and emerging valuation issues
• Ability to be proactive and take initiative
• Team player - energetic and enthusiastic
• Strong excel and power point skills
• CPA and/or CFA preferred