Associate Specialist, Fund Administrator, IPS

Northern Trust; Chicago (IL); On-site; USD 96,000 - 162,000; Full time

Benefits offered by this job

401(k) plan

Health insurance

Paid time off

Parental leave

Job summary

Northern Trust is seeking a senior professional to review monthly fund close packages, analyze financial data for clients, and oversee the fund close process. You will collaborate with Hedge Fund Services teams, support audits, and drive process improvements to enhance system integrations and workflows.

The role requires strong knowledge of hedge fund accounting, GAAP/IFRS, and experience with external auditors.

Qualifications

• Bachelor's degree in Accounting, Finance, or a related field required.
• Relevant experience in hedge fund accounting, fund administration, alternative investments, or financial services required.
• Professional accounting designation such as CPA, CA, ACCA, or equivalent preferred.

Responsibilities

• Review monthly fund and legal entity close packages for accuracy.
• Analyze and report financial data for clients and investors.
• Oversee the monthly close process and finalize fund performance.
• Coordinate with auditors for annual audits and financial statements.
• Lead onboarding initiatives and testing of system enhancements.

Skills

Hedge fund accounting

Financial reporting

Client communication

Process improvement

GAAP/IFRS knowledge

Education

Bachelor's degree in Accounting or Finance

CPA/CA/ACCA preferred

Tools

Accounting software

Job description

About Northern Trust

As a global leader in innovative wealth management, asset servicing, asset management and banking services, Northern Trust (Nasdaq: NTRS) is proud to guide the world’s most successful individuals, families, corporations and institutions.

As a global leader in innovative wealth management, asset servicing, asset management and banking services, Northern Trust (Nasdaq: NTRS) is proud to guide the world’s most successful individuals, families, corporations and institutions. Since 1889, we have aligned our efforts with our three guiding Principles That Endure: Service, Expertise, and Integrity. Together, they reflect the three cornerstones of business conduct which we strive to instill in our employees, whom we call partners, and to provide to our clients and the communities we serve worldwide. With more than 135 years of financial experience and over 24,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service.

Major Duties & Responsibilities

• Review monthly fund and legal entity close packages to ensure accuracy and completeness.
• Analyze and report financial data for delivery to clients and their investors.
• Oversee the monthly close process and finalize fund performance and financial results.
• Partner with clients and internal Hedge Fund Services teams to gain a comprehensive understanding of fund activities and transactions.
• Prepare and review fund financial statements in accordance with applicable accounting standards.
• Coordinate directly with external auditors to facilitate annual audits and ensure the accuracy of audited financial statements.
• Serve as a subject matter expert within Hedge Fund Services, leveraging deep functional knowledge to support business operations and client needs.
• Drive operational efficiency initiatives by automating manual processes, enhancing controls, and identifying opportunities to improve system integration and workflows.
• Act as a subject matter expert for HFS proprietary systems, providing guidance on system functionality and capabilities to support business problem-solving.
• Collaborate with shared service teams to resolve complex accounting matters and ensure transactions are recorded in accordance with appropriate accounting principles.
• Research and interpret technical accounting issues related to complex client transactions, new accounting pronouncements, and evolving U.S. GAAP and IFRS requirements.
• Lead discovery and due diligence efforts for new client onboarding initiatives, including gathering requirements, documenting business needs, and testing system enhancements in both integration and production environments.
• Partner with technology teams and external vendors to define and support the development of new functionality and process improvements.
• Engage directly with clients throughout the onboarding, implementation, and discovery phases to ensure successful transitions and ongoing service delivery.

Knowledge, Skills & Abilities

• Strong understanding of hedge fund accounting, financial reporting, and fund administration operations.
• Excellent verbal and written communication skills, with the ability to effectively engage clients, auditors, and internal stakeholders.
• Deep functional and industry knowledge within investment operations, fund accounting, or alternative investments.
• Strong analytical and problem-solving skills with a focus on process improvement and operational efficiency.
• Highly adaptable and able to manage multiple priorities in a fast-paced environment.
• Experience working with financial systems and technology platforms, including enterprise accounting and reporting applications.
• Knowledge of U.S. GAAP, IFRS, and other relevant accounting standards.
• Ability to work independently while providing leadership and guidance on complex issues and initiatives.

Experience & Qualifications

• Bachelor's degree in Accounting, Finance, or a related field required.
• Relevant experience in hedge fund accounting, fund administration, alternative investments, or financial services required.
• Professional accounting designation such as CPA, CA, ACCA, or equivalent preferred.
• Experience working with external auditors, financial statement preparation, and complex accounting matters preferred.
• Prior experience supporting system implementations, process improvements, or client onboarding initiatives is highly desirable.

Salary Range

$95,600 - 162,400 USD

Salary range is a good faith estimate of base pay. Northern Trust provides a comprehensive benefits package including retirement benefits (401k and pension), health and welfare benefits (medical, dental, vision, spending accounts and disability), paid time off, parental and caregiver leave, life & accident insurance, and other voluntary and well-being benefits. Northern Trust also provides a discretionary bonus program that may include an equity component.

Work Authorization

Applicants must be authorized to work in the U.S. without the need for employment-based visa sponsorship now or in the future. Northern Trust will not sponsor applicants for U.S. work visa status for this opportunity (no sponsorship is available for H-1B, L-1, TN, O-1, E-3, H-1B1, F-1, J-1, OPT, CPT or any other employment-based visa).

Working with Us

As a Northern Trust partner, you will be part of a flexible and collaborative work culture, which has a strong history of financial strength and stability. Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to an inclusive workplace and assisting the communities we serve.

Philanthropy is deeply rooted in Northern Trust’s history and is an essential element of our culture. Employees around the world give their time and talent to work for the greater good of their communities.

Reasonable Accommodation

Northern Trust is committed to working with and providing adjustments to individuals with health conditions and disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center at [e-mail], or alternatively you can discuss your individual requirements with the recruiter you are working with.