Fund Accounting Oversight Senior Manager
Fidelity International
Hong Kong

About the opportunity

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 the Role

The Hong Kong Fund Accounting Oversight function is primarily responsible for ensuring the accurate & timely calculation of Fund NAVs, Fund Administration and production of Financial Statements for FIMHK’s outsourced products.

This includes funds on our MPF platform and a new retail fund platform to be launched.

The function also works closely with AP Product Development, AP Legal, AP Compliance, AP Business Units, AP Investment Management and various teams within Asset Management Operations globally, in support of product development and local regulatory developments.

It also manages the Audit relationship for the local Funds.

  • The role will be responsible for managing the function, to ensure that HK Fund Accounting Service Providers deliver high service levels in respect of timely & accurate;
  • production of NAVs, books & record keeping, preparation of Financial Statements and the consistent application of FIL-wide polices & practices, for the HK products.

    The role is also responsible for supporting product, technology, regulatory & industry developments, initiatives & strategies pertaining to HK Funds, and for other Fund ranges, as required.

    Key Responsibilities

    Oversight of the HK TPAs to ensure :

  • Timely & accurate production of daily NAVs
  • Application of FIL-wide Valuation Policies & Practices in respect of NAV Valuations, including, but not limited to the accurate & timely application of :
  • Security price source hierarchies
  • Swing Pricing & Fair Value Adjustments
  • NAV Suspension & Redemption Deferral processes for Market Closures / Fund Liquidity issues
  • Market Fair Value Pricing
  • Application of local Regulatory & Financial Accounting Standards in respect of the Fund Accounting for FIL’s HK Funds, including, but not limited to, the accurate & timely :
  • Capture & processing of Corporate Actions incl. PM decisions on Voluntary Events
  • Recording of stock & cash transactions, resulting positions for valuations, and reconciliation of positions between Fund Accounting books & records and Bank Accounts at the Custodian
  • Reporting & resolution of breaks in stock, cash, income & WHT records
  • Reporting & resolution of any regulatory breaches, and / or NAV Errors
  • Calculation, accrual & payment of Fund expenses & fees, and calculation / reporting of TERs / FERs, and recording of On-going Charges in Key Fact Statements
  • Calculation and recording of Fund Distributions, and the reporting of Income Forecasts, Yield Calculations & Stable Distribution Rates
  • Timely and accurate provisioning of Fund Accounting Data for Investment Management and Business Stakeholders
  • Fund & Share Class launches / mergers / terminations are processed timely & correctly in the TPAs records
  • Timely & accurate preparation of the Funds’ Interim Financial Statements, including Board Approvals & Filing with the Regulators
  • The TPA delivers consistently high levels of service, through maintenance of, and assessments against, SLAs, which are reviewed with the TPA in Monthly Operational Review Meetings
  • Other key accountabilities include :

  • Management & coaching of team members
  • Continuous assessment of operations & practices, to identify inefficiencies, and deliver improvements to address these
  • Continuous assessment of actual & potential risk within the function, assessing the impacts and addressing these in a timely & effective manner
  • Ensure that all processes, procedures, controls and other documentation & files are kept up to date, and drafted in a clear & concise manner
  • Provide prompt and accurate responses to Fund Accounting related queries & requests from internal & external Stakeholders
  • Support and in some cases manage, product developments, initiatives & projects, pertaining to HK Funds, and for other regional & global product ranges, as required.
  • Provide Senior Management reporting & KPI’s for the function
  • Experience and Qualifications Required

  • Business / Finance related Degree
  • Qualified Accountant or relevant accounting qualifications
  • At least 7 years of Audit and / or Fund Accounting experience
  • Detailed knowledge of Fund valuation & accounting processes & practices, and the production of interim & final financial statements - ideally in accordance with SFC & MPFA Regulations and relevant accounting standards
  • A good awareness of developments in regulations, accounting standards & industry practices in HK & globally
  • Good experience of managing internal & external vendors - in particular, Fund Accounting Service Providers
  • Good experience of Fund expense & fee reviews / re-negotiations with vendors
  • Proven track record of effective staff management & development
  • Proven ability to resolve and action incidents, issues & requests efficiently & accurately
  • Proven track record of delivering improvements & efficiencies within Fund Accounting Operations
  • Significant involvement in, and / or management of, the successful delivery of projects & initiatives associated with Fund Accounting Operations & Products
  • Strong awareness of risk, both within the function, and across the broader organisation and can escalate / action such cases to avoid or mitigate impacts
  • Accuracy & attention to detail in all aspects of service delivery, documentation and reporting
  • Ability to communicate effectively at all levels within the organisation & with external parties
  • Strong collaborator with the ability to engage stakeholders, peers & senior management in support of the successful delivery of activities & goals
  • Strong organisational & planning skills and the ability to work under pressure and to tight deadlines
  • Confident & motivated individual, who is keen to own and drive forward the HK Fund Accounting function, in support of Senior Management and the function’s stakeholders
  • About you

    About Fidelity International

    Fidelity International offers investment solutions and services and retirement expertise to more than 2.56 million customers globally.

    As a privately-held, purpose-driven company with a 50-year heritage, we think generationally and invest for the long term.

    Operating in more than 25 locations and with $783.6 billion in total assets, our clients range from central banks, sovereign wealth funds, large corporates, financial institutions, insurers and wealth managers, to private individuals.

    Our Workplace & Personal Financial Health business provides individuals, advisers and employers with access to world-class investment choices, third-party solutions, administration services and pension guidance.

    Together with our Investment Solutions & Services business, we invest $567 billion on behalf of our clients. By combining our asset management expertise with our solutions for workplace and personal investing, we work together to build better financial futures.

    Our clients come from all walks of life and so do we. We are proud of our inclusive culture and encourage applications from the widest mix of talent, whatever your age, gender, ethnicity, sexual orientation, gender identity, social background and more.

    We are a disability-friendly company and would welcome a conversation with you if you feel you might benefit from any reasonable adjustments to perform to the best of your ability during the recruitment process and beyond.

    We are committed to being a truly flexible employer, encouraging and trusting our people to perform their role in the way that works best for them, our business, our colleagues and our clients.

    We offer the maximum possible flexibility over where and when you work for all, considering your role and any local regulations.

    We call this new approach "dynamic working".

    Find out more about what we do, our history, our new approach of "dynamic working" and how you could be a part of our future at https : / / careers. / about-us

    Applying to this Job Role : Please note you are only required to upload your CV / Resume to the application screen.


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