Manager - Real Estate - Property Fund Finance (Maternity Cover - End of Sept 2021) Manager - Real Estate - Property Fund Finance  …

M&G plc.
in London, United Kingdom
Permanent, Full time
Be the first to apply
Competitive
M&G plc.
in London, United Kingdom
Permanent, Full time
Be the first to apply
Competitive
Manager - Real Estate - Property Fund Finance (Maternity Cover - End of Sept 2021)
At M&G our vision is: to become the best loved and most successful savings and investment business and we're looking for people who are excited about joining us on our journey. We're digitally transforming and investing heavily in technology and innovation to develop new and improved customer propositions that really raise the bar for our customers. To help us achieve our vision we're looking for exceptional people who live our values and behaviours and who can inspire others; embrace change; deliver results and keep it simple.

We know that an inclusive environment makes us more accessible and ensures we attract, engage, promote and retain exceptional people. We welcome applications from all individuals regardless of age, gender/gender identity, sexual orientation, ethnicity/nationality, disability, or military service and welcome those who have taken career breaks. We will consider flexible working arrangements or home working arrangements for any of our roles.

What you can expect from us:
We are committed to creating an environment where you can be exceptional at all you do. To help us deliver this, we promise to:
  • Challenge Your Limits by creating a stimulating working environment and providing opportunities for you to be involved in meaningful and challenging work
  • Support Your Aspirations with a commitment to learning and development that helps you achieve and build your experience with people who want you to succeed
  • Value Your Input whereby leaders and managers will involve you in key decisions, listen to your thoughts and recognise the important contribution you make
  • Balance Your Life through a work life partnership that focuses on making this an inclusive, diverse and friendly place to work and offers the flexibility and support that enables everyone to be at their best

How do we support our employees:
All M&G plc employees will be supported in the workplace through our M&G Employee Assistance Programme (EAP). If you need counselling, confidential financial or legal advice. The service is available 24 hours a day, 365 days a year and offers access to qualified professionals who can provide specialist information, advice and support on many issues. It offers a broad range of services, including help with family issues, maintaining work/life balance and mental health support.

Purpose

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 responsibility for the financial control and oversight function for M&G's flagship Luxembourg-domiciled European property fund with the assistance of another Manager in the team, and line management of two qualified Senior Associates.

Key Responsibilities/Accountabilities
Reporting to the Director of the Financial Control & Oversight team, the applicant will be responsible and accountable for the provision of financial control and oversight services to the M&G European Property Fund, a Luxembourg-domiciled institutional real estate fund with 77 properties in 12 jurisdictions, and a NAV of €3.2bn with committed capital of €0.5bn.

This will include:

Oversight of regular reporting
  • The team is responsible for reviewing and approving monthly/quarterly NAVs, prices, distribution calculations and other financial information prepared by outsourced service providers. The team also prepare and/or review performance reporting files, as well as reporting to the CSSF and INREV. The Manager is responsible for the oversight of these processes, and the review of complex transactions within the fund's reporting.
  • The team is responsible for reviewing the annual financial statements for the fund and all fund subsidiaries, and managing the annual audit process. The Manager will carry out a final review of all financial statements prior to their presentation to the respective boards.

Supplier management
  • The team is responsible for the management of supplier relationships for accounting service providers, including ensuring they are adequately instructed, responding to accounting queries, monitoring and reviewing outputs and ensuring that the fund is receiving the appropriate level of service
  • The team is responsible for day to day liaison with the service providers, with the Manager responsible for issues resolution and attendance at relationship meetings.

Budgeting & forecasting
  • The team is responsible for the coordination and review of budgets received from the outsourced service providers and consolidation of the underlying budgets into a fund budget, as well as preparing fund level variance analysis of actual results to budget.
  • The team is also responsible for the preparation of a weekly cash flow forecast for the fund.
  • The Manager is responsible for ensuring that adequate preparation and review procedures exist.

Board and investor reporting
  • Review and presentation of papers for Board and Audit Committee meetings.
  • Attendance (typically via video conference) at Board meetings of the fund in Luxembourg (quarterly) and the subsidiaries in various European countries (annually).
  • Review of quarterly investor reports.
  • Attendance at bi-annual Investor Day presentations.
  • Reviewing responses to investor queries.
  • Responding to queries from prospective fund investors relating to performance, NAV calculation etc; meeting with prospective investors to respond to due diligence questions relating to financial operations.

Transactions & corporate finance
  • Coordination and review of financial due diligence in relation to asset acquisitions and disposals.
  • Input into the drafting of SPAs for corporate acquisitions to ensure the fund's interests are protected.
  • Review of drafting of legal agreements in relation to complex transactions, to ensure commercial terms support desired accounting treatment.
  • Support the team with the on-boarding of new acquisitions, including agreement of service provider scope, ensuring service providers are adequately informed and instructed, review of detailed accounting memos and agreement of treatment with auditors.
  • Supporting the arrangement of internal financing, e.g. review of funding diagrams and management of PPL funding lines and movement of cash through the fund structure.
  • Liaison with tax advisors to maximise cash repatriation to fund whilst minimising tax leakage.

Compliance
  • Oversight of fiscal and loan compliance processes across the fund.
  • Maintenance of management information reporting and risk registers.
  • Ensuring that team procedures are fully documented and kept up to date.
  • Ensuring appropriate issues escalation and resolution.

Provision of ad-hoc accounting / financial support to the business
  • The Manager will be the main point of contact for the business in relation to the M&G European Property Fund, and a senior member of the Property Fund Finance team. The role includes the provision of advice and support on a number of ad-hoc projects and issues, which may involve:
    • Changes to fund terms / documentation
    • Responding to requests from investors
    • Expansion into new geographical jurisdictions
    • Supporting new fund launches
    • Responding to legislative / regulatory changes
    • Responding to industry guidance (e.g. INREV)
    • Service provider reviews
    • Implementation of new / enhanced accounting systems

General
  • Provision of cover to other Managers.
  • Provision of cover to Director during times of absence.
  • Assistance with ad-hoc projects covering various elements of the work of the Property Fund Finance team.
  • Ensuring that accounting procedures are fully documented and kept up to date
  • Attendance at weekly fund meetings
  • Review of rent arrears with asset managers

Knowledge and Experience

Strong technical knowledge of IFRS Good experience of financial statutory accounting Property financial accounting experience (preferably including exposure to institutional property funds) 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 Flexible and proactive approach Strong team work skills to work collaboratively with other Managers and team members to deliver together This will be a highly visible role so requires someone with an approachable personality, strong focus and first class communication skills. Excel (to advanced level is desirable) Knowledge of Yardi Voyager system is beneficial

Qualifications

Degree or AAT qualified
ACA/ACCA /ACMA qualified accountant (or equivalent)

We live by four behaviours at M&G and we ask all our employees to:
  • Inspire Others - Support and encourage each other, creating an environment where everyone can contribute and succeed
  • Embrace Change - Be open to change, willing to be challenged and able to adapt quickly and imaginatively to new ideas
  • Deliver Results - Focus on outcomes, set high standards and deliver with energy and determination
  • Keep it Simple - Cut through complexity and bureaucracy, be clear and decisive and never overcomplicate things
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