Associate Director, Fund Accounting
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Overview
Job Description
About Cresset
Cresset is a firm built by clients, for clients. As an independent, award-winning multi-family office and private investment firm, we are reimagining the way wealth is experienced. Our purpose is to help ensure that both wealth and life are fully optimized-integrated, intentional, and aligned with each client's vision of success.
We provide access to the caliber of talent, ideas, and investment opportunities typically available to the largest single-family offices and institutions. Our approach is personalized, entrepreneurial, and client-first.
Proudly owned by our clients and employees, Cresset was built to endure. We are creating a 100+ year firm-one focused on delivering an exceptional experience, not only for the families we serve but for the team that serves them. Recognized by Barron's and Forbes among the nation's top RIA firms, and as one of the industry's best places to work,* Cresset is guided by long-term relationships, shared success, and a belief that wealth should serve a life well lived.
Key Responsibilities
The Private Fund Accountant is responsible for managing and maintaining accurate financial records for private investment funds. This includes reconciling various accounts, reviewing financial statements, and ensuring compliance with relevant regulations. The role involves collaborating with internal teams and external service providers (Administrators, Auditors, Tax Preparers, Legal etc.) to gather necessary information and address any discrepancies. Additionally, the Private Fund Accountant will assist in the audit and tax return process for their funds.
Responsibilities will include:
- Perform the day-to-day accounting for private equity funds and related investment vehicles.
- Review quarterly and annual NAV and financial statement packages, include investor reporting.
- Manage recurring client deliverables and additional client-requested reporting.
- Manage, monitor, and provide guidance to the outsourced accounting provider(s).
- Assist with the calculation of quarterly management fee and carried interest waterfall calculations.
- Manage the funds' cash balances to determine the need for capital calls, distributions, and redemptions.
- Review and assist with capital call and distributions notices to investors.
- Collaborate with other teams throughout the firm, including legal, client services, portfolio management, etc.
- Support investment and client relationship personnel on ad-hoc requests.
- Assist in special projects as requested.
- Oversee the wind down and termination of any funds.
- Assist with the coordination, management and completion of the annual audits of each fund.
- Assist with completion of annual federal and state tax returns and K-1 distribution for each fund.
- Establish and enforce proper accounting methods, policies and principles.
- Assist with maintenance of fund portfolio accounting software, internal controls and process improvement as needed.
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