Senior Consultant, Product Control, Integrated Portfolio Services (IPS)

001 The Northern Trust Company; Chicago (IL); On-site; USD 83,000 - 141,000; Full time

Benefits offered by this job

401k

Pension plan

Health benefits

Paid time off

Parental leave

Bonus program

Job summary

The Northern Trust Company is seeking a Product Control professional for Hedge Fund Services in Chicago. You will serve as the primary client contact to explain trading profit and loss and how valuations are sourced, while ensuring pricing and processes are accurate.

You will collaborate with internal teams to verify valuation accuracy, manage daily P&L, and support month-end reporting. A strong background in valuations and Excel is essential.

Qualifications

• Minimum 3-5 years of industry experience in valuations, P&L or related fields.
• Experience in middle office, product control, valuation or audit environments.
• Undergraduate degree in Finance/Accounting preferred.
• Ability to work in fast-paced, collaborative, detail‑oriented teams.

Responsibilities

• Managing daily P&L process support for multiple HFS clients.
• Daily review of QC checks, resolve exceptions, trigger price challenges or re-valuations.
• Explain P&L differences to clients and respond to inquiries.
• Collaborate with offshore Product Control team on QC and migrations.
• Deliver final daily and monthly P&L statements to clients.
• Explain drivers behind P&L movements to clients.
• Manage monthly price verification processes and reporting.
• Maintain pricing policy for each portfolio type.
• Prepare analyses on process improvements, valuation analysis, and tech enhancements.

Skills

Valuation across asset classes

Pricing vendors

Excel

VBA/Python

P&L process

Valuation discrepancies

Custodian knowledge

Education

Undergraduate finance/accounting

Tools

Markit

BVAL

LoanX

IDC/ICE

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.

Job Description

Product Control – Valuations, Hedge Fund Services

Northern Trust Summary

Founded in Chicago in 1889, Northern Trust is one of the world’s leading financial institutions. We specialize in providing asset servicing solutions and asset management to both institutional and personal clients. The delivery of products and services to this client base is supported through a network of offices around the globe. Northern Trust Hedge Fund Services offers world-class, scalable technology and dedicated expertise to serve hedge funds and large institutional investors with complex portfolios and product types. The business provides comprehensive middle office and administration services, including trade processing, asset servicing, valuation and profit and loss reporting, cash and collateral management, reconciliations, accounting and NAV calculations and investor servicing and reporting.

Role Overview

In this role, the individual will be the main point of contact for clients to help them understand their trading profit & loss and how their valuations have been sourced. The Product Control function within HFS is responsible for valuation, daily and monthly P&L reporting, end of month pricing substantiation and end of day positional risk reporting. In addition, the Product Controller will work with internal partner areas to ensure all required processes have been performed to verify the valuation accuracy of the client’s portfolio.

Major Duties

• Managing daily P&L process support for multiple HFS clients


• Daily review of quality control checks, resolving exceptions, and triggering price challenges or re-valuation requests on behalf of clients


• Daily engagement with clients to explain P&L differences and respond to inquiries


• Work closely with offshore Product Control team (India) on QC process and migration of work


• Delivering a final daily (and month-end) P&L statement to the client


• Understanding and explaining the key drivers behind the P&L movements


• Preparing/managing monthly (or more frequently as required) price verification process and associated reporting


• Updating and maintaining pricing policy for each financial type that is included in the client’s portfolio


• Prepare presentations and analysis as required on process improvement, valuation analysis, and technology enhancements

Knowledge / Skills

• Understanding of the trade lifecycle, pricing, and valuation of multiple asset classes preferred (e.g. Fixed Income, Rates Derivatives, Credit Derivatives, Equities, FX)


• Experience with pricing vendors such as Markit, BVAL, LoanX, IDC/ICE, etc.


• Strong Excel skills required.


• VBA, Python or other programing language to format large data sets is preferred


• Ability to prioritize, multi-task, and perform effectively under deadlines.


• Understanding of the daily P&L process including reporting of T+0 Estimate and T+1 Actual P&L, performing daily quality control checks, and resolving valuation discrepancies


• Understanding of alternative investment custodians, administrators, and service providers.

Qualifications

• Minimum 3-5 years of industry experience in one or more of the following fields: Valuations


• Alternative asset operations P&L/Performance


• Experience in a middle office, product control, valuation or audit environment


• Undergraduate degree in Finance/Accounting is preferable


• A genuine desire and capability to work in a fast-paced, professional, inclusive environment which requires teamwork, well-honed problem-solving skills, frequent re-prioritization, deadline management, ongoing and comprehensive communication, constant attention to detail, and a commitment to continuous improvement and best practices.

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).

Salary Range

Salary Range: $83,100 - 141,300 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.

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.

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.

EEO STATEMENTS

APAC/INDIA 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.

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, national origin, 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.