Fund Accounting Oversight Assistant manager Fund Accounting Oversight Assistant manager …

Fidelity International
in Hong Kong
Permanent, Full time
Last application, 19 Jan 22
Negotiable
Fidelity International
in Hong Kong
Permanent, Full time
Last application, 19 Jan 22
Negotiable
Fidelity International
The Fund Accounting Oversight Assistant Manager, Hong Kong, is responsible for performing oversight on Fund Accounting Operations & services provided by a Hong Kong Third Party Administrator. This involves ensuring the accurate & timely publication of Fund NAVs, application of Investor Protection & Fair Value policies on products, monitoring of Fund fees & charges, fee deferrals/waivers & rebate calculations on relevant funds, assisting in the preparation and review of Interim & Year-End Financial Statements and monitoring the service quality of the Fund Administrator.

Department Description

Global Asset Management Operations ("AMO") is made up of approximately 370 people across 9 locations. The AMO business area is responsible for the operational processing of funds managed by Fidelity.

Fund Accounting teams are located in Ireland, United Kingdom, Luxembourg, Hong Kong, Japan, China, Taiwan, Korea & Australia. The Fund Accounting teams perform all tasks to ensure our fund investors receive accurate returns and information. This includes calculating daily NAVs for each fund, maintaining accurate accounting records for over 2,000 funds, compiling statutory reporting for shareholders in line with accounting standards, completing fund level tax, regulatory reporting and calculating income distributions.

FIL operates in-house Fund Accounting for larger product ranges in UK, Luxembourg, Ireland & Japan, while the Fund Accounting for Hong Kong, China, Taiwan, Korea & Australia product ranges is outsourced to Third Party Administrators [TPAs], and local Fund Accounting teams provide oversight of this activity, and provide support for local business, product, compliance & legal stakeholders.

Purpose of your role

The Fund Accounting Oversight Assistant Manager, Hong Kong, is responsible for performing oversight on Fund Accounting Operations & services provided by a Hong Kong Third Party Administrator. This involves ensuring the accurate & timely publication of Fund NAVs, application of Investor Protection & Fair Value policies on products, monitoring of Fund fees & charges, fee deferrals/waivers & rebate calculations on relevant funds, assisting in the preparation and review of Interim & Year-End Financial Statements and monitoring the service quality of the Fund Administrator.

The role is also responsible for the handling of fund accounting queries & issues for FIL's Hong Kong products, following up with FIL Compliance teams, Third Party Administrators & Business Stakeholders to address breaches and/or errors arising on the Funds, and liaising with FIL Compliance & Third Party Administrator to assess the impact/implications of regulatory and/or Financial Standard changes on the Funds.

The incumbent will also support related product development & business initiatives, provide input for anti-dilution factors, fair value pricing and equalisation & distribution calculations, in accordance with FIL Policies & Governance Models, and support the continuous development of the Fund Accounting Oversight Framework, locally & regionally, in accordance with FIL best practice and jurisdictional requirements & regulations.

The role is also responsible for; assisting in managing related operational risks - including maintaining & actioning risk logs & issues and updating annual Risk Control Self Assessments, establishing & maintaining related procedures, supporting User Acceptance Testing and maintaining & performing BCP Test Plans. The incumbent will also support scale & efficiency initiatives - including continuous process improvement, small scale enhancements, Intelligent Automation opportunities, Ways-of-Working activity - and lead related local & regional projects.

Key Responsibilities

Perform systematic Fund Accounting Oversight & Control of FIL HK's Funds, ensuring accurate & timely:

  • NAV calculations & publication by the Third Party Administrators
  • Observance of FIL Valuation Policies by the Fund Service Providers
  • Provision of Fund books & records data, to relevant Stakeholders [Investment Management, etc]
  • Chasing & resolution of aged cash, income & WHT items
  • Accruals & payment of Fund Expenses/TERs, and booking of expense rebates to the Funds
  • Calculation of Monthly, and ad hoc, Swing Factors for HK Pension & Retail Funds

Other responsibilities include:

  • Maintain issues logs, and follow up on the timely resolution of action points
  • Maintain up to date and clear procedure manuals and ensure these get reviewed annually
  • Maintain BCP Plans for the function, including the execution of regular BCP/DR Tests
  • Participate in continuous process improvement activity and support small scale projects, as directed
  • Perform routine, and ad hoc, fund accounting activity in support of Asia Institutional Clients
  • Provide input into SLS assessments and monthly SLS meetings with the Fund Administrators
  • Provide support for project activity on the HK/TW fund ranges (e.g. product launch/product restructuring)
  • Assist the Senior Manager with co-ordination of the Annual & Interim Financial Statements & Audits
  • Deputise for Senior Manager during their leave/absence, covering Greater China Fund Accounting Oversight

Experience and Qualifications Required

  • A recognised Accountancy Qualification is required
  • 3-5 years Fund Accounting/Administration experience
  • Detailed understanding of fund accounting for Hong Kong & China product would be a strong advantage
  • Experience of Investment Services & Fund Accounting processes [i.e. Trade Settlements, Corporate Actions, Security Pricing, Cash & Control and Fund Accounting & Valuation disciplines] is preferred
  • Ability to resolve & action Fund Accounting queries & requests in a quick & efficient manner
  • Good awareness of the risk environment and the ability to identify, and escalate potential risks within the function
  • An aptitude for developing/enhancing work practices through the introduction of efficiencies
  • Accuracy and attention to detail in all aspects of service delivery, documentation and reporting
  • Ability to communicate confidently & effectively with peers & seniors within the organisation and with external parties
  • Good organisational & planning skills, with the ability to work under pressure and to tight deadlines
  • A proven self-starter with strong commitment and a flexible attitude

Company Overview

Great minds, better together.

Fidelity International is an equal opportunities employer and is commited to a policy of treating all its employees and job applications equally.

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