Dartmouth Partners
We are currently seeking an Assistant Controller to join the accounting and financial reporting team of our client’s Credit Platform in their New York offices.
The successful candidate will be joining in a senior capacity to manage and oversee several select distressed debt funds, including managing both a local and offshore team. The candidate will be working with complex fund structures and investments in both Europe and the U.S. and with several deal teams. While the funds’ primary focus is on distressed debt, there will be exposure to several different asset classes in this multi-strategy environment.
The candidate will be intimately involved in defining how the team operates on a day to day basis and building a successful and motivated team. The candidate will also be responsible for reviewing and approving the monthly and/or quarterly accounting close and financial reporting processes related to the candidate’s Credit Funds. The candidate will have the opportunity to lead high profile projects building out the accounting and operational infrastructure of the Credit Platform to become world class.
The selected candidate will work with teams across the organization, including the Investment, Operations, Valuation, Tax, Investor Services, Treasury, and Capital Formation Teams, in carrying out the accounting, financial, and investor reporting responsibilities of the Credit Funds. This will provide the candidate with a broad range of exposure to different aspects of the business and create great networking opportunities.
Role Responsibilities
- Train and supervise both an onshore and offshore team; Ensure onshore team is continually provided with challenging opportunities to expand and grow their careers; Ensure offshore personnel are a successful extension of our team and are given opportunities to grow and expand their careers.
- Research and propose potential solutions to improve process and reporting efficiency to discuss with senior team members and technology teams; Assist with the validation of any enhancements to system reports and/or implemented functionality.
- Participate in monitoring all investments and analyze the related performance; Engage directly with the investment and origination professionals to handle multifaceted inquiries.
- Responsible for the review and approval of the quarterly financial reports, compliance and investor reporting for all assigned Funds. Ensuring compliance with the Funds’ governing documents as well as GAAP, credit facility, and SEC requirements.
- Assist Controller with determining appropriate accounting decisions based on research done on new/proposed accounting guidance.
- Responsible for managing the liquidity of the Funds to assist with IRR optimization to LPs. Monitor the deal pipelines for several strategies and cash availability from fund credit facilities.
- Review and provide feedback on fund legal agreements (PPMs, LPAs and investor letters). Model new waterfalls, management fee and carried interest calculations and other fund-specific calculations for new structures.
- Review call/distribution notices, credit line draw/paydown notices, partner capital statements and quarterly investor letters/reporting, and liaise with Investor Services team in the delivery of such to investors. Coordinate and summarize responses to periodic investor requests/questions.
- Assist in the quarterly review in conjunction with the valuation team in determining fair value of investments. Ensure changes in valuation period-over-period are supported and documented.
- Identify key drivers of Fund profitability and be able to analyze and explain actual results compared to prior projections or periods.
- Provide senior management with timely updates of periodic projections of overall performance, key Fund events as well as escalate issues requiring immediate attention.
- Plan and execute the year-end audit for assigned funds.
- Interact with Tax Team to ensure that all tax information is compiled properly.
- Assist in managing external stakeholder relationships for assigned Funds, including credit facility providers, banks and auditors.
- Handle and oversee more complex features or elements of assigned Funds, including Fund rebalancing/equalization; foreign currency hedges and derivatives ; asset-based line borrowing base calculations; and carried interest clawback and IRR sensitivity analyses.
- Assist with special projects and internal ad-hoc requests and undertake broader team and/or office initiatives.
Requirements & Qualifications
- Seasoned manager of people and processes with an ability to cultivate, maintain and motivate a high-performing team.
- Strong understanding of credit instruments and fund accounting concepts.
- Takes full ownership and accountability of work product and leads by example in areas of attitude, attention to detail, urgency, process improvement and quality of work.
- Superior planning and organizational skills.
- Capable of persuasive written and oral communications by presenting complex issues and recommendations in a clear, concise and logical manner.
- Effective and self-motivated problem solver – demonstrating strong critical reasoning, analytical and detail-oriented attributes; Be able to think “out of the box”.
- Management ability – able to teach, coach, and effectively work with inhouse and offshore accounting personnel.
- Ability to interpret and analyze complex legal documents, deal structures and financial transactions.
- Positive attitude with a team player mentality – ability to “roll up the sleeves” in delivering results within tight deadlines.
- Ability to multi-task and demonstrate change agility with an evolving workload and ability to communicate upwards when competing priorities arise.
- Strong interpersonal and communication skills – both verbal and written – with an ability to build working relationships across various departments with individuals at different experience levels.
- Strong Excel skills.
Knowledge & Skills
- Undergraduate or Post-Graduate degree in Accounting required.
- 10-15 years of experience related to alternative investments in private industry or public accounting.
- CPA strongly preferred.
- Solid understanding of Investment Company financial reporting required.
- Experience with distressed debt, credit instruments, foreign investments, and/or originated loans – preferred.
- Knowledge or exposure to Investran and/or Virtual Portfolio Manager (“VPM”) or similar portfolio accounting system – a plus.
