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Lead Fund Controller, Private Funds

3 months ago

Chicago, Illinois, United States Wellington Management Full time
About Us

Wellington Management offers comprehensive investment management capabilities that span nearly all segments of the global capital markets. Our investment solutions, tailored to the unique return and risk objectives of institutional clients in more than 60 countries, draw on a robust body of proprietary research and a collaborative culture that encourages independent thought and healthy debate. As a private partnership, we believe our ownership structure fosters a long-term view that aligns our perspectives with those of our clients.

About the Role THE COMPANY

Tracing our roots to 1928, Wellington Management Company, LLP is one of the worlds largest independent investment management firms. With over US$1 trillion in assets under management, we serve as a trusted adviser to institutional clients and mutual fund sponsors in over 60 countries. Our innovative investment solutions are built on the strength of proprietary, independent research and span the global capital markets, including equity, fixed income, multi-asset, and alternative strategies. As a private partnership whose sole business is investment management, our long-term views and interests are aligned with those of our clients. We are committed to attracting a talented and diverse workforce, and to fostering an open, collaborative, and inclusive culture because we believe multiple perspectives lead to more informed investment and business decisions. As an Equal Opportunity Employer, we welcome people with diverse life experiences, fresh ideas, and specialized subject-matter expertise. We have a hybrid work environment where both remote work and office play a critical role.

OVERVIEW

This is a unique and exciting opportunity to join Wellingtons private investment-focused fund operations team dedicated to our rapidly expanding private equity business. Fund Control & Operations - Private Funds ("FC&O") plays an essential role in Wellingtons private funds business and is responsible for fund operations encompassing fund accounting, treasury, and financial reporting. Wellington has been investing in private markets for many years, launching its first dedicated private capital fund in 2014 and growing to over $8.5 billion in private investment platform AUM today. The business is planning for new vintages of its flagship funds focused on late-stage growth and venture investing and is expanding into other private asset classes beginning with private credit. The Lead Fund Controller, Private Funds will oversee several functions for Wellingtons Private Investment Funds, playing a key role in fund NAV oversight and annual audits, execution of capital calls and distributions, investor support, and contribution to cross-functional business initiatives. This role requires frequent collaboration with other Wellington teams and external service providers (e.g., Fund Administrators, Auditors, Investor Relations). The Lead Fund Controller, Private Funds will report to the teams Manager of the Private Funds Fund Control & Operations team.

RESPONSIBILITIES

Oversee the quarterly NAV and financial statement process for assigned funds, reviewing work prepared by our third-party administrator, including:

o Complex private portfolio company and/or private credit transactions

o Distribution waterfall and carried interest calculations

o Differing management fee arrangements

o Gross and net IRR calculations

o Ensuring accounting and presentation is consistent with U.S. GAAP and fund governing documents

Assist with the funds day-to-day operations

o Planning and coordination of capitals calls and distributions, including reviewing calculations and notices produced by our third-party administrator

o Payment of fund fees and expenses

o Coordination of deal funding

Oversee annual audit process for assigned funds, coordinating with fund administrator and auditors

Contribute industry and operational knowledge to product development and new fund launches

Help to enhance and expand the internal accounting and finance policies and procedures to ensure best practices are always being followed

Assist Investment, Investor Relations, Tax, and Compliance teams, among others, providing information and data to respond to queries and performing ad hoc analyses based on the funds or investors activity

Develop relationships with Wellingtons centralized teams and external service providers

Lead and support projects, both large and small, associated with the funds, Wellingtons operational and systems infrastructure, and service providers

Perform peer review of other team members and oversight of junior team members

QUALIFICATIONS

Undergraduate degree in accounting or finance

Completion or progress towards a CPA, CFA, or MBA is strongly favored

6-8+ years of experience from a public accounting firm, alternative investment firm, and/or fund administrator

3-5+ years of experience with private equity fund accounting and operations

Knowledge of partnership accounting, closed-end fund structures (closes, capital calls, distributions), fee structures (management fees, carried interest, claw back), and private equity/private credit investment transactions

Proficient knowledge of US GAAP and ability to research and apply technical accounting and financial statement presentation rules

Experience in one or multiple private asset classes (private equity, credit, real estate, infrastructure)

Experience with a variety of complex fund structures, such as master-feeders and parallel funds, Luxembourg-domiciled private funds, warehouses, and semi-liquid/evergreen structures

Knowledge of private investment valuation approaches, methodologies, and related guidance

Advanced Excel skills are required

Experience with or a desire to develop skills in Tableau, PowerBI, Alteryx is strongly favored

ATTRIBUTES

Process orientation & excellent organization skills: The Lead Fund Controller will have a strong administrative skill set, including the ability to plan and manage multiple priorities against varying time horizons with a high attention to detail. They will have a strong inclination to develop processes and enhance controls, such as identifying opportunities to improve efficiency, reduce risk, and leverage technology. The Lead Fund Controller will have the self-motivation to work independently while keeping the team manager and other stakeholders aware of progress.

Superior collaboration skills: The Lead Fund Controller will be expected to be highly collaborative, sharing insights, strategies, and suggestions with the team to improve group processes. The ability to provide a point of view and respectfully challenge the status quo, the humility to admit a gap in knowledge, and a desire to learn from others are critical. They will possess strong communication skills and a client service mindset.

Natural curiosity and ability to problem-solve: The Lead Fund Controller will have a motivated work ethic and ambition to expand ones knowledge, impact, and role over time.

Not sure you meet 100% of our qualifications? Thats ok. If you believe that you could excel in this role, we encourage you to apply and welcome a chance to review your background. We are dedicated to building and maintaining a diversified workforce and considering a broad array of candidates with a variety of skill, workplace experiences, and backgrounds.

As an equal opportunity employer, Wellington Management ensures that all qualified applicants will receive equal consideration for employment without regard to race, color, sex, sexual orientation, gender identity, gender expression, religion, creed, national origin, age, ancestry, disability (physical or mental), medical condition, citizenship, marital status, pregnancy, veteran or military status, genetic information or any other characteristic protected by applicable law. If you are a candidate with a disability, or are assisting a candidate with a disability, and require an accommodation to apply for one of our jobs, please email us at

At Wellington Management, our approach to compensation is designed to help us attract, inspire and retain the best talent in our industry. We strive to pay employees fairly and competitively across all levels and roles. Our approach to compensation considers all aspects of total compensation; all employees are eligible to receive salary, variable compensation, and benefits. The base salary range for this position is:

USD 100, ,000

This range takes into account the wide range of factors that are considered when making compensation decisions, including but not limited to skill sets; role; skills and experience; certifications; and education. This range is an estimate, and further details on salary and total compensation aspects will be shared with candidates during the recruitment process.

Base salary is only one component of Wellingtons total compensation approach. Other rewards may include a discretionary Corporate Bonus and/ or Incentives, if eligible. In addition, we offer a comprehensive and high value benefit package to meet the unique needs of our employees and their families, and we are committed to fostering a flexible work environment that enables employees to thrive personally and professionally. Examples of our benefits include retirement plan, health and wellbeing, dental, vision, and pharmacy coverage, health savings account, flexible spending accounts and commuter program, employee assistance program, life and disability insurance, adoption assistance, back-up childcare, tuition/CFA reimbursement and paid time off (leave of absence, paid holidays, volunteer, sick and vacation time)

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