Associate Director - PFF

At M&G our purpose is to give everyone real confidence to put their money to work. As an international savings and investments business with roots stretching back more than 170 years, we offer a range of financial products and services through Asset Management, Life and Wealth. All three operating segments work together to deliver attractive financial outcomes for our clients, and superior shareholder returns.

Through our behaviours of telling it like it is, owning it now, and moving it forward together with care and integrity; we are creating an exceptional place to work for exceptional talent.

We will consider flexible working arrangements for any of our roles and also offer work place accommodations to ensure you have what you need to effectively deliver in your role.

The Role:

Oversight of regular reporting

• The team is responsible for reviewing and approving monthly/quarterly NAVs, prices, distribution calculations and other financial information prepared by outsourced service providers. The team also prepare and/or review performance reporting files, as well as reporting to the CSSF and INREV. The Manager is responsible for the oversight of these processes, and the review of complex transactions within the fund’s reporting.
• The team is responsible for reviewing the annual financial statements for the funds and all fund subsidiaries and managing the annual audit process. The Manager will conduct a final review of all financial statements prior to their presentation to the respective boards.
• Manage setup cost budgets and TER analysis.

Supplier Management

• The team is responsible for the management of supplier relationships for accounting service providers, including ensuring they are adequately instructed, responding to accounting queries, monitoring, and reviewing outputs and ensuring that the fund is receiving the appropriate level of service
• The team is responsible for day-to-day liaison with the service providers, with the Manager responsible for issues resolution and attendance at relationship meetings.

Budgeting & Forecasting

• The team is responsible for the coordination and review of budgets received from the outsourced service providers and consolidation of the underlying budgets into a fund budget, as well as preparing fund level variance analysis of actual results to budget.
• The team is also responsible for the preparation of a weekly cash flow forecast for the funds.
• The Manager is responsible for ensuring that adequate preparation and review procedures exist.

Board and investor reporting.

• Review and presentation of papers for Board and Audit Committee meetings.
• Attendance (typically via video conference) at Board meetings of the fund in Luxembourg (quarterly) and the subsidiaries in various European countries (annually).
• Review of quarterly investor reports.
• Attendance at bi-annual Investor Day presentations.
• Reviewing responses to investor queries.
• Responding to queries from prospective fund investors relating to performance, NAV calculation etc; meeting with prospective investors to respond to due diligence questions relating to financial operations.

Transactions & corporate finance

• Coordination and review of financial due diligence in relation to asset acquisitions and disposals.
• Input into the drafting of SPAs for corporate acquisitions to ensure the fund’s interests are protected.
• Review of drafting of legal agreements in relation to complex transactions, to ensure commercial terms support desired accounting treatment.
• Support the team with the on-boarding of new acquisitions, including agreement of service provider scope, ensuring service providers are adequately informed and instructed, review of detailed accounting memos and agreement of treatment with auditors.
• Support Director in review and finalisation of operating model prior to sign off.
• Supporting the arrangement of internal financing, e.g. review of funding diagrams and management of PPL funding lines and movement of cash through the fund structure.
• Liaison with tax advisors to maximise cash repatriation to fund whilst minimising tax leakage, and support on new structure set-ups.
• Provide advice to PFF colleagues in determining appropriate accounting treatment. Review PFF transaction memos to apply challenge and ensure consistency of approach to accounting issues across teams.

Compliance

• Oversight of fiscal and loan compliance processes across the funds.
• Maintenance of management information reporting and risk registers.
• Ensuring that team procedures are fully documented and kept up to date.
• Ensuring appropriate issues escalation and resolution.
• Support Directors in facilitating knowledge sharing and collaboration to ensure best practice approach for processes and documentation is adopted for all funds.
• Take ownership for projects on behalf of PFF. Help to drive initiatives which exist beyond BAU.

Provision of ad-hoc accounting / financial support to the business

• The Manager will be the main point of contact for the business in relation to the Funds, and a senior member of the Property Fund Finance team. The role includes the provision of advice and support on a number of ad-hoc projects and issues, which may involve:
• Changes to fund terms / documentation
• Responding to requests from investors
• Expansion into new geographical jurisdictions
• Supporting new fund launches
• Responding to legislative / regulatory changes
• Responding to industry guidance (e.g. INREV)
• Service provider reviews.
• Implementation of new / enhanced accounting systems
• Changes to fund terms / documentation
• Responding to requests from investors
• Expansion into new geographical jurisdictions
• Supporting new fund launches
• Responding to legislative / regulatory changes
• Responding to industry guidance (e.g. INREV)
• Service provider reviews.
• Implementation of new / enhanced accounting systems

Fund & PFF Strategy

• Attend meetings with Fund and Asset Management to understand overall fund strategy and receive updates on any pipeline and ongoing transaction activity.
• May regularly attend certain committees and forums on behalf of PFF which exist in relation to specific funds/technical areas.
• Fund Level modelling and assisting FMs with these to provide strategic input e.g. leverage impacts and Tax impacts.
• Providing insights on property NOI and monitoring performance
• Cash management and placement e.g. MMFs & illiquid facilities with banks. Greater involvement on debt and banking
• Act as a strategic partner to Fund Managers throughout the investment lifecycle of new and existing mandates, providing financial and accounting support for strategic decision-making
• Support the design of fund operating guides for new structures.
• Act as a subject matter expert on UK and European fund structures, finance, and accounting processes.

General

• Provision of cover to other Managers.
• Provision of cover to Director during times of absence.
• Assistance with ad-hoc projects covering various elements of the work of the Property Fund Finance team.
• Ensuring that accounting procedures are fully documented and kept up to date.
• Attendance at weekly fund meetings
• Review of rent arrears with asset managers
• May take ownership of PFF-wide MUDAs (e.g. development valuation checklist, NAV oversight checklist).

Direct Reports

None

Knowledge And Experience

• Strong technical knowledge of IFRS, considered a technical expert, ability to take complex issues through to successful completion autonomously with limited involvement from Directors.
• Good experience of financial statutory accounting Property financial accounting experience (preferably including exposure to institutional property funds), with more extensive knowledge and awareness of other funds, operating models, and business processes, and with enhanced ability to apply risk-based judgment in knowing when to consult with certain stakeholders.
• Self-motivated with a diligent and detailed approach to completing tasks. Works with senior stakeholders and delivers projects and deals with a high degree of independence, while supporting members across PFF in supporting delivery of strategic objectives. Possesses effective external networks – builds appropriate connections and utilizes these relationships effectively to deliver solutions which benefit the team and business.
• Expected to manage varied and dynamic senior stakeholder relationships (internal and external), with limited oversight from line managers or other senior stakeholders.
• Strong analytical skills. Able to understand, question and challenge a range of financial data.
• Excellent communication skills to communicate effectively with a range of internal and external parties.
• Flexible and proactive approach Strong teamwork skills to collaborate with other Managers and team members to deliver together. This will be a highly visible role so requires someone with an approachable personality, strong focus, and first-class communication skills.
• Excel (to advanced level is desirable) Knowledge of Yardi Voyager system is beneficial. Ability to confidently present to investors as Fund Controller on the financial strategy of the fund, including cash management and impact of debt. Experience in managing share deals. Experience in cash and debt management. Experience of European Real Estate Funds

Qualifications

Degree or AAT qualified. ACA/ACCA /ACMA qualified accountant (or equivalent)

• Recruiter: Sarah Hawkins
• Job Level: Manager or Expert
• Location: London

We have a diverse workforce and an inclusive culture at M&G plc, underpinned by our policies and our employee-led networks who provide networking opportunities, advice and support for the diverse communities our colleagues represent. Regardless of gender, ethnicity, age, sexual orientation, nationality, disability or long term condition, we are looking to attract, promote and retain exceptional people. We also welcome those who take part in military service and those returning from career breaks.

M&G is also proud to be a Disability Confident Leader, and we welcome applications from candidates with long-term health conditions, disabilities, or neuro-divergent conditions.  Being a Disability Confident Leader means that candidates who meet the minimum criteria of a job, will be offered an interview if they 'opt in' to the scheme when applying. 

If you need assistance or an alternative means of applying for a role due to a disability or additional need, please let us know by contacting us at: careers@mandg.com