Manager - Property Fund Finance Manager - Property Fund Finance …

M&G Prudential
in London, England, United Kingdom
Permanent, Full time
Last application, 26 Jun 19
M&G Prudential
in London, England, United Kingdom
Permanent, Full time
Last application, 26 Jun 19
M&G Prudential
Manager - Property Fund Finance
Manager - Property Fund Finance

(Financial Controller & Oversight)

M&G Real Estate is the property investment business of M&GPrudential. We are one of the world's largest property investors with £33.13bn* of assets under management across all the major sectors in the UK, Europe, Asia and North America. Drawing on 150 years of investment experience, we actively manage our properties to maximise returns and generate a strong income stream for institutional investors.

Working with M&G Real Estate as a Manager for within Property Fund Finance means becoming part of the M&GPrudential brand with a global reputation and an exciting vision: to become the best loved and most successful savings & investments business.

If you're inspired to join us, and have the necessary qualities, then this could be the opportunity you've been looking for.

The Role:

To provide financial control and oversight services to a Luxembourg-domiciled real estate fund, a closed-ended UK enhanced value fund and a range of new investment products launched during 2017 and 2018.

The Team:

The Property Fund Finance team is responsible for the financial operations of over £20bn of property funds managed by M&G Real Estate. This role involves providing financial control and oversight services to a Luxembourg-domiciled real estate fund, a closed-ended UK enhanced value fund and a range of new investment products launched during 2017 and 2018.

Your key responsibilities will be:

Reporting into the Associate Director of the Financial Control and Oversight Team, the role is responsible for providing financial control and oversight services to the following:

- M&G RE Property Fund (NAV £680m)
- M&G RE UK Enhanced Value Fund (NAV £74m)
- £400m segregated mandate for real estate investment, (currently invested at £138m).
- Two club deals investing in property (c. £100m), requiring monthly and quarterly reporting

This will include:
  • Second review of monthly/quarterly reporting packs received from the administrator and feedback any comments or queries to finalise these packs. Work with the administrator accountants to ensure correct accounting, particularly with respect to new transactions.
  • Second review of monthly/quarterly NAV packs received from the administrator including reviewing the investment value, subscription and redemption prices, distribution calculation, and accruals.
  • Review of performance files prepared by the associates and presentation of the results at the liquidity meetings.
  • Review of additional reporting prepared by the associates or administrator including: AIFMD reporting, INREV SDDS reporting, and INREV fee metrics
  • Monitoring fund cash requirements and reviewing the cashflow forecast prepared by the associates.
  • Participating in meetings with the fund management team to keep up to date with current and impending activity and providing accounting advance where required.
  • Preparing accounting memos for complex transactions and working to get these signed off with the auditors before exchange.
  • Review of financial statements prepared under IFRS and UK GAAP and work closely with administrator and internal teams to ensure the annual report is delivered on time.
  • Manage the production of the IFRS financial statements and liaise with the auditors to resolve specific queries.
  • Liaison with external accounting suppliers to ensure instructions are appropriate, clear and followed and attendance at relationship meetings with service providers to report on any updates or issues
  • Preparing and/or reviewing inputs to quarterly investor reports
  • Review of financial oversight memos prepared by associates and presentation of these reports at Board meetings
  • Review of quarterly consolidation reporting to Prudential Group prepared by the Financial Accountant.
  • Working with the Client Reporting team to respond to adhoc investor queries
  • Working with the financial accountants and administrator to prepare information required by the tax team to ensure the tax compliance of the funds
  • Compliance reporting for loans held in the closed ended fund
  • The segregated mandate requires review a detailed property level review of UK GAAP and Fair Market Value trial balances, as well as annual budgeting and quarterly budget forecasts.
  • Assistance with ad-hoc projects covering various elements of the work of the Property Fund Finance team

The applicant will be the key point of contact for all key stakeholders and will have primary responsibility for the delivery of financial control for the two existing funds and the new products listed above.

Direct Reports:
Line management responsibility for one qualified Senior Associate level accountant, and one part qualified Associate level accountant.

You will have:
  • ACA/ACCA/ACMA qualified accountant (or equivalent)
  • Property financial accounting experience
  • Self-motivated with a diligent and detailed approach to completing tasks
  • Strong analytical skills. Able to understand, question and challenge a range of financial data
  • Confidence to communicate effectively with a range of internal and external parties
  • Strong organisational and prioritisation skills
  • Flexible and proactive approach
  • Excel (to advanced level is desirable)
  • Knowledge of Yardi Voyager system is beneficial
  • This will be a highly visible role so requires someone with an approachable personality, strong focus and first class communication skills.
  • Experience of working with investment funds is preferable

People who work at M&GPrudential agree that ours is a great place to work with a brilliant team spirit. It's also an innovative, high-performing, commercial environment that's totally focused on customers. As an M&GPrudential colleague you'll get all the support you'd expect, including full training and professional development. You'll receive a competitive salary and reward package. And in a fast-changing world, you'll join an organisation that's leading the way in helping customers achieve their long-term financial goals.

M&GPrudential is committed to a diverse and inclusive workplace. Our role as an employer is very simple - to provide the right environment for talented people to do their best work, by respecting, understanding and valuing individual differences.
We welcome applications from individuals who have taken an extended career break, and we are willing to consider flexible working arrangements for all of our roles.