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Job Summary

Senior Manager Private Markets Accounting, BP Jobs UK Apply Online, BP Pension Trustees Limited (BPPTL) is a corporate trustee responsible for the managing of the BP Pension Fund (the UK defined benefit scheme) in accordance with the Trust Deed and Rules, any relevant policies agreed with BP p.l.c. and applicable legislation.
 
In essence, BPPTL exists to ensure the Fund is run properly so as to protect and pay the pensions and related benefits which members have built up.
 
This includes but is not limited to such functions as establishing investment strategy, appointing fund managers and oversight of those fund managers, ensuring benefits are paid, actuarial valuation, and annual scheme accounts preparation.

Various fund managers will manage the scheme’s assets. The in-house investment manager BP Investment Management (BPIM) is a 100% subsidiary of BPPTL, the trustee of the BP Pension Fund. BPIM manages the property and private equity investments of the BP Pension Fund. Asset managers external to BP oversee investments in asset classes such as listed equity, derivatives, and a wide array of fixed-income asset types.

The Private Markets Accounting team is accountable for all financial control, accounting, financial reporting, and cash processes relating to the Private Equity and Property asset classes. The role also involves interaction with the private equity and property portfolio managers and suppliers as well as a focus on driving improvements to existing processes.

The Private Markets Accounting team will also support elements of the wider valuation and performance reporting function as it relates to all asset classes held within the fund.

The Senior Manager, Private Markets Accounting reports to the Head of Investment Reporting who reports to the CFO. The role has two direct reports, the Private Markets Accountant and the Private Markets Analyst.
Post Name Senior Manager Private Markets Accounting
Company Name BP
Expected Salary GBP 50000  To GBP 55000  Per Year
Address London, England, United Kingdom SW1V 2RE

Key Dimensions:

BPPTL manages the BP Pension Fund including assets managed by in-house and external investment managers. The Private Markets Accounting team sits within the CFO team which also includes Financial Reporting, Investment reporting, and Investment Operations teams, and is responsible for the finance and operations activities for BPIM-managed asset classes.

Key Accountabilities:

  • The Private Markets Accounting team is responsible for the operational and financial control, accounting, and financial reporting of the private equity asset class and the property asset class.
  • The team manages the day-to-day finance and operational activities of the private equity (PE) and property portfolios and provides sound financial control and reporting.
    • Manage cash payments and receipts
    • Responsible for accounting for transactions in the property and PE portfolios, including instructing the Fund’s accounting service provider (State Street) and booking entries for internal record keeping in the PE system (Private I), and Property system (SAP).
    • Responsible for booking quarterly PE and Property valuations in the accounting systems
    • Responsible for the medium-term cash forecast for PE and Property, and for agreeing on PE and property performance with State Street’s performance services are reporting.
    • Responsible for tax compliance activities arising from PE and property investment activities including ensuring the fund’s compliance with PE tax filing requirements, Property VAT/CIS submissions, and related tax audits.
    • Responsible for providing finance and tax-related support on PE and property investment transaction activity.
    • Supporting the year-end statutory accounting process in relation to PE and property and audits for the BP Pension Fund.
    • A key stakeholder in relationships with a number of key suppliers, State Street for accounting services, Burgiss for the PE Private I system, BP for the Property SAP system, EY for the Fund’s US PE tax affairs, PE fund manager relationships, and JLL for the Property managing agent services.
  • The post holder is responsible for cultivating a positive relationship with the Property and Private Equity investment teams.
Industry Private
Education Required Graduate 
Schedule Type Full Time
Work Hours 8 Hours 

Key Challenges:

  • The scope of responsibilities is broad and requires an ability to balance business objectives against operational risks.
  • The private equity industry is constantly changing with new regulations and reporting requirements evolving. It is important that the incumbent stays abreast of these changes.
  • The post-holder will be required to maintain positive relationships with third-party providers as well as internal stakeholder relationships.
  • The post-holder will be expected to challenge current processes and standards and to develop new standardized techniques or approaches to improve the efficiency of the processes.

Essential Experience:

  • Prior experience in an investment accounting role within the investment/fund management industry.
  • Experience in staff management.
  • Previous experience in managing stakeholder relationships.
  • Excellent verbal, written communication, and interpersonal skills.
  • Able to challenge current processes and standards and develop new standardized techniques or approaches to improve the efficiency of the processes.
  • Good understanding of the private equity and property asset classes.
  • There is a requirement to prioritize multiple work demands, often in a time-pressurized environment.
  • Manage ad-hoc projects – skilled practitioner in managing new activities and solving complex problems.
  • The role will require an inquiring mind, someone who is comfortable with change, and with a bias toward excellence.

Desirable Criteria:

  • Greater than 5 years of post-qualified experience working within the investment management industry with experience in alternative assets.
  • Delivery in an investment accounting role in the investment management industry.
  • Previous experience with Private I and SAP BW is useful.

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