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Alternative Investment Service Portfolio Accounting, Director- Investment Management Operations
Morgan Stanley
West Conshohocken, PA, United States
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Description
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments and individuals from more than 1,200 offices in 43 countries.
As a market leader, the talent and passion of our people is critical to our success. Together, we share a common set of values rooted in integrity, excellence and strong team ethic. Morgan Stanley can provide a superior foundation for building a professional career - a place for people to learn, to achieve and grow. A philosophy that balances personal lifestyles, perspectives and needs is an important part of our culture.
Operations is one of the largest divisions in the firm and has diverse responsibilities, including correctly settling and recording millions of transactions per day, identifying and mitigating all operational risks, developing strong client relationships and partnering with technology to realize the full potential of IT and e-solutions. Throughout, the Operations department continually seeks ways to improve while actively supporting the development of new businesses, structures and markets.
This position will work specifically with the Alternative Investment Services team in support of the Alternative Investment Partners AIP Team. The AIP Team is a group responsible for the investment management and support of Morgan Stanleys' alternative investments fund of funds strategy. The Team currently manages 200+ investment vehicles that utilize a variety of alternative investment strategies and vehicle structures. Total net assets under management exceed $29 billion. The individual in this position will be responsible for operations and portfolio management support activities for the AIP private equity fund of fund vehicles and separately managed accounts, with a primary focus on carried interest calculations
Responsibilities will include detailed knowledge of private equity carried interest waterfall calculations and allocations, as well as accounting for the AIP portfolios, including investments in private equity funds, real estate funds, secondary investments, and co-investments as well as some derivative investments, such as forward currency contracts. This position will also involve developing and maintaining external relationships with AIP business stakeholders and third party service providers to ensure proper support for the investment vehicles. This position will be located in the West Conshohocken, PA office.
RESPONSIBILITIES
Review quarterly carried interest calculations prepared by third-party fund administrators and independently calculate a separate model; in doing so, the candidate should understand what drives carried interest changes, and be able to perform several high level checks within the portfolio for reasonableness.
Prepare quarterly carried interest estimates ahead of the official quarterly accounting closes for AIP and Morgan Stanley senior management; communicate open items to senior management that could attribute to carried interest changes once the close is final
Generate quarterly carried interest analytics for AIP and Morgan Stanley senior management which includes analyzing various NAV change scenarios and its effect on carried interest and the percentage of NAV change needed to reverse all carried interest
Assisting with the review of offering documents for new AIP products; work closely with the administrator and product development to comprehend the carry calculation; independently create a carry model based on interpretation
Provide second level reviews and approvals of daily cash movements and quarterly close packages.
Understanding and interpreting underlying fund investment financial statements for the purpose of preparing and/or calculating their respective fair valuation amounts, which includes documentation based on various sources of investment information and detailed reviews of financial statements and quarterly reports for regular internal fair valuation committee meeting approval
Working effectively with third party service providers and internal parties to ensure a high level of service for the AIP products; raising service issues in an appropriate manner and following up issues to resolution; creating or enhancing processes to improve the efficiency of the AIP Team
Signing-off on net asset value and performance based information for AIP on a monthly/quarterly basis; providing regular daily support and responding to numerous ad-hoc requests from investment management, investors and other internal and external stakeholders
Performing other related functions or responsibilities as needed or assigned
Qualifications
Bachelors' degree, or equivalent, in Accounting, Finance, or related business field
A minimum of five years of investment accounting experience
Prior experience in private equity/real estate or private equity/real estate fund of funds investment accounting with a strong understanding of carried interest is required. Knowledge of hedge fund accounting and/or derivatives, or experience with Investran, is a plus
Strong organizational and analytical skills and the ability to effectively summarize findings, both verbally and in writing, in a clear and concise manner
Detail-oriented and highly motivated
Ability to work effectively with minimal supervision