Associate Specialist, Fund Administrator, IPS

Northern Trust Corp; Chicago, Northern (IL, KY); Hybrid; USD 96,000 - 162,000; Full time

Benefits offered by this job

401k and pension benefits

Health and welfare benefits

Paid time off

Discretionary bonus program

Parental and caregiver leave

Job summary

Northern Trust is seeking a seasoned professional in hedge fund accounting and financial reporting to join its Hedge Fund Services. You will analyze financial data, review closes, and collaborate with clients, auditors, and internal teams to ensure accurate reporting and compliant financial statements.

The role emphasizes process improvement, system optimization, and strong communication across stakeholders in a fast-paced financial services environment.

Qualifications

• Strong understanding of hedge fund accounting, financial reporting and fund administration operations.
• Experience with external auditors, financial statement preparation, and complex accounting matters.
• Ability to lead initiatives and communicate with clients, auditors and internal stakeholders.

Responsibilities

• Review monthly fund and legal entity close packages for accuracy.
• Analyze and report financial data for clients and investors.
• Oversee monthly close process and finalize fund performance and results.
• Coordinate with clients and Hedge Fund Services teams to understand fund activities.
• Prepare and review fund financial statements per accounting standards.
• Coordinate with external auditors for annual audits and audit statements.

Skills

Hedge fund accounting

Financial reporting

Client communication

GAAP knowledge

IFRS knowledge

Process improvement

Leadership

Education

Bachelor's degree in Accounting/Finance

CPA/CA/ACCA preferred

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. 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

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

Salary Range: $95,600 - 162,400 USD Salary range is a good faith estimate of base pay.

Benefits

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

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.

Looking for greater? You found it.

A global financial leader with more than 22,000 employees in 23 locations worldwide, Northern Trust empowers our employees to achieve more than just business goals. Our focus on work-life balance, career mobility and unique opportunities are just a few of the reasons we've been named one of the world's most admired companies.

Terms and Conditions

Candidate Privacy Notice California Applicant Privacy Notice Pay Transparency Nondiscrimination Provision (U.S) Transparency in Coverage Disclosure - North America Northern Trust is committed to working with and providing reasonable accommodations to individuals with disabilities.

If, because of a medical condition or disability, you need a reasonable accommodation for any part of the employment process, please email our HR Service Center or call 1-800-807-0302 (North America), [phone] (Asia Pacific), 1800-425-0333 (India), [phone] (Europe, Middle East and Africa) and let us know the nature of your request and your contact information.

APAC/INDIA EEO STATEMENT

It is the policy and practice of Northern Trust to provide equal employment opportunities to all employees and applicants.

Canada EEO STATEMENT

Northern Trust is an Equal Opportunity Employer. Hiring and other employment decisions at Northern Trust are made without regard to race, colour, religion, sex, ancestry, ethnic origin, age, disability, citizenship, veteran status, sexual orientation, record of offences, marital status, family status, or any other characteristic protected by federal, provincial, or local law, regulation, or ordinance.

EMEA EEO STATEMENT

It is the policy and practice of Northern Trust to provide equal employment opportunities to all employees and applicants. Northern Trust does not discriminate on the basis of race, colour, religion or belief, nationality, ethnic or national origin, sex, marital status, sexual orientation, disability or age. All employment decisions will be made in a non-discriminatory manner in accordance with our obligations under the law and codes of practice. This includes human resources’ decisions relating to recruitment, terms and conditions of employment, transfers, promotions and access to learning and development.

USA EEO STATEMENT

It is the policy of The Northern Trust Company to afford equal opportunity in all phases of employment without regard to an individual's age, race, color, religion, creed, gender, national origin, citizenship status, marital status, pregnancy, sexual orientation, gender identity, gender expression, genetic tests and information, physical or mental disability, protected veteran status or any other legally protected status.

EEO Know Your Rights (U.S.)