Who we are looking for 

State Street is an industry leader in providing administrative fund services to both Hedge Fund and Private Equity managers within our Alternative Investment Solutions business group. Our PE team delivers customized service solutions for investment funds that have closed end structures and a variety of portfolio investments. This opportunity uniquely offers candidates the opportunity to service hybrid hedge and private equity products for industry leading asset managers. The PE NAV role is the hub in the delivery of administrative services. Employees interact daily with functional teams including; trade operations, investor services, custody, tax, and financial reporting locally and in globally diverse locations. 

Why this role is important to us 

The team you will be joining is a part of State Street Global Services (SSGS). SSGS gives asset owners and managers access to the essential financial tools they need to deliver effective investment solutions. From core custody, accounting, fund administration and shareholder recordkeeping, to complete operations solutions and servicing for alternative assets like OTC derivatives, private equity and real estate, SSGS’ tools help our clients make better investment choices and act on growth opportunities. 

Join us if making your mark in the financial services industry from day one is a challenge you are up for. 

What you will be responsible for 

As Private Equity, Fund Accounting & Incentive Fees Modelling, Assistant Vice President’ you will 

Responsibilities:

1. Serve as a Subject Matter Expert (voice of the accountant and owner of the Waterfalls) on private equity waterfalls and carried interest calculations

2. Manage and coordinate all aspects of the waterfall model deployment strategy, including the further enhancement of a proprietary tool and configuring waterfall models for existing and new business

3. Consult both internally with fund accounting teams and externally with clients on the interpretation and construction of total return and deal-by-deal waterfall models

4. Assess data clean-up or enrichment needs to be able to automate waterfall process

5. Ensure compliance with investment fund legal documents, i.e. limited partnership agreements

6. Work with developers to define new requirements (formulaic, data needs, or reporting needs) for the ongoing development of the waterfall automation tool

7. Manage User Acceptance Testing of the waterfall tool development, including test scripts and success criteria

8. Train and educate fund accounting teams on interpretation of LPAs, configuration of waterfall models, instruction on the waterfall calculation tool, etc.

What we value  

These skills will help you succeed in this role 

Strong critical thinking, problem solving, and decision making skills 

Good interpersonal skills 

Attention to detail 

Effective time management 

Education & Preferred Qualifications 

Bachelor’s degree in accounting or finance 

At least 5 to 6 years of Private Equity experience 

Experience with alternative investment asset classes, complex fund structures and fee calculations desired 

Highly effective communication and management skills 

Ability to thrive and function in a high-pressure deadline driven environment 

CPA qualification is favorable but not required 

Experience with Investran or Geneva favorable but not required 

About State Street 

What we do. State Street is one of the largest custodian banks, asset managers and asset intelligence companies in the world. From technology to product innovation, we’re making our mark on the financial services industry. For more than two centuries, we’ve been helping our clients safeguard and steward the investments of millions of people. We provide investment servicing, data & analytics, investment research & trading and investment management to institutional clients. 

Work, Live and Grow. We make all efforts to create a great work environment. Our benefits packages are competitive and comprehensive. Details vary by location, but you may expect generous medical care, insurance and savings plans, among other perks. You’ll have access to flexible Work Programs to help you match your needs. And our wealth of development programs and educational support will help you reach your full potential. 

Inclusion, Diversity and Social Responsibility. We truly believe our employees’ diverse backgrounds, experiences and perspectives are a powerful contributor to creating an inclusive environment where everyone can thrive and reach their maximum potential while adding value to both our organization and our clients. We warmly welcome candidates of diverse origin, background, ability, age, sexual orientation, gender identity and personality. Another fundamental value at State Street is active engagement with our communities around the world, both as a partner and a leader. You will have tools to help balance your professional and personal life, paid volunteer days, matching gift programs and access to employee networks that help you stay connected to what matters to you. 

State Street is an equal opportunity and affirmative action employer. 

Discover more at StateStreet.com/careers 

Salary Range:

The range quoted above applies to the role in the primary location specified. If the candidate would ultimately work outside of the primary location above, the applicable range could differ.

Job Application Disclosure:

It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment. An employer who violates this law shall be subject to criminal penalties and civil liability.

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