Fund Accounting Oversight Analyst

  • Not Specified
  • Edinburgh, Scotland, United Kingdom
  • Permanent, Full time
  • BlackRock
  • 21 Apr 19

About BlackRock BlackRock helps investors build better financial futures. As a fiduciary to investors and a leading provider of financial technology, our clients turn to us for the solutions they need when planning for their most important goals. As of December 31, 2018, the firm

About BlackRock

BlackRock helps investors build better financial futures. As a fiduciary to investors and a leading provider of financial technology, our clients turn to us for the solutions they need when planning for their most important goals. As of December 31, 2018, the firm managed approximately $5.98 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visit | Twitter: @blackrock | Blog: | LinkedIn:

Job Description:

Team Overview

This diverse and challenging role has arisen in the Fund Accounting Oversight Team in Edinburgh. The primary focus of the role will be to manage the integrity of the financial aspects of the relationship between BLK and all Third Party providers. The secondary focus of the role will compromise broader involvement in the EMEA NAV Monitoring Function.

BlackRock EMEA Fund Accounting Oversight Function has responsibility for all NAV accounting matters across EMEA for pooled fund products, plus audit and financial statement production oversight. This involves responsibility for accurate and timely production of asset valuations produced by third party vendors, including shareholder taxation. The Team, amongst other things; has significant involvement in assisting various BlackRock departments in launch of new product and change management and closure of existing product. The Team additionally supports relevant Fund Boards, assists Legal and Compliance in relevant regulatory and legal matters specific to the funds and supports Portfolio Management Group, Sales and Marketing teams through technical knowledge of both the funds in relation to jurisdictional requirements and accounting expertise.

The function has a core team in Edinburgh, which provides a centralized group responsible for the oversight within EMEA of the daily pricing and monitoring activities performed by our third party fund administrators. The firm currently has in excess of $750bn of assets administered across a number of major third party administrators within the EMEA region. This diverse and challenging role has arisen in the Edinburgh team which has oversight responsibility within the EMEA & Asia Pacific region for the daily, weekly and monthly pricing and monitoring activity performed by our third party fund administrators. The primary function of the team includes:

o Oversight of third party fund administrators pricing and control activity to ensure that all funds are priced within the required deadlines and to the required accuracy standards.

o Monitoring of reconciliations and controls produced by the third party fund administrators

o Coordination across departments within BlackRock and with external administrators to resolve issues impacting agreed pricing and monitoring deliverables and to ensure the continual improvement of the operational and control environment.

o Contribute towards the ongoing management of BlackRock’s third party administrators through the establishment of effective relationships, continual update of SLA’s and monitoring of service delivery against defined KPI’s

The BlackRock fund range within EMEA and Asia Pacific is diverse and encompasses a wide range of active and passive strategies, within multiple different legal structures, and includes the listed iShares ETF fund range and a wide variety of institutional hedge funds, fund-of-funds, UCITS and non-UCITS funds domiciled in various onshore and offshore jurisdictions with extensive derivative utilisation in many funds.

We are looking for an individual who is pro-active and flexible, can demonstrate initiative with a drive to succeed both as an individual and as a strong team player. The successful individual should demonstrate a commitment to technical excellence, flexibility and the ability to manage multiple activities and deadlines. As a good communicator they will use their influencing skills to develop strong collaborative working relationships with key internal and external stakeholders.

Ideally, this role would suit people with backgrounds in Fund/Investment accounting, Accountancy and Provider Management. Excellent communication and inter personal skills to work alongside the business, providers and all levels of personnel within BlackRock are a must. This role provides real opportunities to interface with and work alongside the product groups and the chance to develop career paths into other Operating Teams or into the product or client facing business areas.

Role Responsibility

Responsibilities include:


• Ensure all pricing and monitoring requirements for EMEA administered Funds are executed, whether by managing the process and coordinating the various parties or ensuring that the provider delivers the service to meet the agreed standards of delivery. Ensure all deadlines are met

• Coordinate the resolution of fund performance versus benchmark out of tolerance exceptions identified by the third party fund administrators

• Manage the Fund price spread process including the monitoring of regular spreads and the application of special dealing spreads

• Monitor reconciliations produced by third party administrators and work with them and other BlackRock departments to ensure that there is timely resolution of breaks

• Contribute to the preparation of reports to fund boards and management committees

• Take responsibility for ensuring that all tasks and activities undertaken meet the requirements of the regulatory regime and that any exceptions/breaches are reported to line management immediately

• Develop knowledge of fund accounting requirements of particular fund ranges and understanding of specific fund types/ranges. Work with other Fund Administration teams on fund specific activities for example fund distributions, Report and Accounts preparation, collation of data for internal reporting

• Proactively build and maintain working relationships with providers and other areas within BlackRock, liaising closely with them to ensure that the service is delivered and that any queries/problems/issues are dealt with in accordance with agreed standards and in a timely, accurate and complete manner

• Carry out continual development of pricing and monitoring processes to optimise efficiency, mitigate risk and incorporate business and product changes. Ensure that the procedures are maintained in line with all current practices

• Prepare key performance indicator data and management information for regular reports to management

• Be aware of product, business and regulatory changes and proactively seek involvement in the resultant initiatives and projects


All financial aspects of BLK’s provider relationships:

- Focus on the financial aspects of the relationship between BLK and third party providers, encompassing the full range of services delivered, become a main point of contact within BLK, including fee modeling, scenario analysis and RFPs

- Liaise with BLK Finance and business heads to prepare annual plan for provider spend, ensuring that all business change impacts / new business are understood, considered and aligned into plan

- Produce monthly reports including appropriate analysis and commentary on the provider financials, investigating thoroughly all material variances to forecast, to plan, and month-on-month

- Review and undertake monitoring activities over all invoices received from providers, ensuring that invoices reflect agreed tariff and activity, and look to streamline processes where necessary

- Ensure all relevant payments are made within timeline

- Maintain procedures for all 3rd party provider fees

- Monitor Service Credit process, including calculation and collection of payment

- Maintenance and on-going development o
f Fee Billing Database, initiating and supporting improvements when necessary

- Measure provider performance against SLA, collating service management data

- Work with providers, striving to constantly improve service


• Experience in an operational/accounting role, ideally in a fund management environment

• Able to demonstrate a level of technical understanding of a range of investment instruments, fund types and products.

• Have an understanding of the relevant regulatory environment

• Demonstrates a risk focus and an understanding of the importance of identifying potential risks and of reporting risks to line management and other relevant parties

• Numerate and able to demonstrate a high level of attention to detail

• Demonstrate an understanding of the importance of customers /providers to BlackRock and ability to work closely with others to meet objectives

• Prepared to take initiative, work flexibly to help the team achieve its goals, and respond positively to change.

• Ability to identify problems and issues, work proactively with others to resolve them and escalate issues appropriately

• Takes responsibility for the completion of own work in accordance with agreed procedures and to the highest standards of quality and timeliness

• Demonstrates team spirit, is prepared to assist colleagues and perform tasks that do not usually fall within his/her responsibilities.

• Demonstrates an ability to manage a working relationship with providers, is prepared to escalate issues and communicate with all levels.

• Ensures accurate record keeping of work and files documents in a way so that they are easily retrieved.

• Able to manage and resolve conflicting priorities.

• Has an understanding of the Finance industry and with a willingness to lean.

Manager Comments


- Travel : No

- Direct Reports: No

- Licenses: No

BlackRock is proud to be an Equal Opportunity and Affirmative Action Employer. We evaluate qualified applicants without regard to race, color, national origin, religion, sex, sexual orientation, gender identity, disability, protected veteran status, and other statuses protected by law.

BlackRock will consider for employment qualified applicants with arrest or conviction records in a manner consistent with the requirements of the law, including any applicable fair chance law.