Consultant

Location
Chicago, Illinois
Salary
Based on Experience
Posted
16 Jun 2021
Closes
16 Jul 2021
Employment Type
Full Time
Education
Bachelors

CONSULTANT POSITIONS

ABOUT NORTHERN TRUST:

Northern Trust provides innovative financial services and guidance to corporations, institutions and affluent families and individuals globally. With over 130 years of financial experience and nearly 20,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service.

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 that is committed to strengthening the communities we serve!

We recognize the value of inclusion and diversity in culture, in thought, and in experience, which is why we are honored to receive the following awards in 2021:

  • Gender Equality Index Member, Bloomberg
  • Top Financial & Banking Company, Black EOE Journal, Hispanic Network Magazine, Professional WOMAN'S Magazine

We’d love to learn more about how your interests and experience could be a fit with one of America’s best banks and most sustainable companies! Build your career with us and apply today.

 

Northern Trust is seeking experienced candidates for three (3) distinct Consultant positions to join our Front Office Solutions business. The three Consultant positions will have both unique and common, primary responsibilities and will require both unique and common, general knowledge, skills, and qualifications. The three Consultant positions are:

  1. Consultant, Alternative Investments
  2. Consultant, Operational
  3. Consultant, Performance

BUSINESS UNIT DESCRIPTION

Front Office Solutions is a new strategic business for Northern Trust that provides a holistic digital+ service offering for

some of the most sophisticated institutional investors across the globe, including foundations, endowments, pension

funds, corporations, insurance companies, central banks and sovereign wealth funds. As asset owners engage in more

complex, data-driven investment approaches to asset allocation, their operational needs and demands for high quality

data have skyrocketed. Front Office Solutions provides a holistic, full-service, multi-asset solution that aims to empower

in-house investment teams and support their important mission by providing a more comprehensive set of operational

services and analytics including portfolio management, investment decision support, operational risk management,

CRM/document management and workflow tools.

Under general supervision (while primarily working independently), the consultant will be responsible for investment data

management that will provide clients with the holistic data sets they need to fulfil their various stakeholder requirements.

Researching and identifying solutions for data challenges for institutional clients.

UNIQUE RESPONSIBILITIES

Consultant, Alternative Investment

  • Acts as daily point of contact for alternative asset client queries:
    • Acts as a subject matter expert for alternative asset queries
    • Assists in review of all other queries
  • Responsible for supporting data management with respect to alternative asset transactional impacts and interpretation of complex capital account statements and transaction notices. Responsible for communicating how the data should be captured.
  • Acts as point of initial review for all investment data. Includes review of (but not limited to) Alternative Investment Performance Data.
  • Responsible for initial or secondary review of NAV, allocation and underlying client performance for alternative investments.
  • Serves as initial or secondary reviewer of single, conventional and blended benchmark calculations; reviewer of Public Market Equivalent (PME) benchmark calculations.
  • Assists in training new FOS partners in the alternative asset space.

Consultant, Operational

  • Acts as daily point of contact for operational client queries:
    • Acts as subject matter expert for accounting and general operational queries, including, Cost Basis Analysis, Cash Movement, Pricing, Gain & Loss Analysis, Account and Position Reconciliation
    • Assists in review of all other queries
  • Responsible for supporting data management with respect to transactional impacts on accounting, realized gain / loss, cost, etc.
  • Acts as point of initial review for all investment data. Includes review of (but not limited to) Data Quality Review.
  • Responsible for initial or secondary review of single, conventional and blended benchmark data.
  • Assists in training new FOS partners in the accounting and operational space.

Consultant, Performance

  • Acts as daily point of contact for client performance queries:
    • Acts as a subject matter expert for general performance queries
    • Assists in review of all other queries
  • Responsible for supporting data management related to transactional impacts and cash flow timing impacts on performance output.
    • Responsible for handling multiple performance calculation methodologies, including Gross, Net All, Net Manager, and IRRs.
    • Responsible for handling benchmarks across the full spectrum of asset classes. Responsible for blended benchmark calculations and any associated customization.
    • Responsible for understanding and helping manage Public Market Equivalent (PME) benchmark calculations.
    • Ability to help generate and interpret performance attribution results at the manager and total fund (policy) levels.
  • Acts as point of initial review for all investment data. Includes review of (but not limited to) Performance & Analytics Data.
  • Serves as initial or secondary reviewer of single, conventional and blended benchmark calculations.
  • Assists in training new FOS partners in the performance measurement and analytics space.

COMMON, PRIMARY RESPONSIBILITIES – ALL CONSULTANT POSITIONS

  • Acts as point of initial review for all investment data. Includes review of (but not limited to):
    • Investment transactions (typically statement-based for alternative assets; file-based for public markets)
    • Investment valuations (typically statement-based for alternative assets; file-based for public markets)
    • Manager Estimates
    • Plan Income / Expense Items
    • Plan Contributions / Spending Withdrawals
    • Underlying Manager Exposure Data
    • Benchmark Data
  • Responsible for initial or secondary review of all investment reconciliations. Includes reconciliation of cash, positions, performance, transactions, alternative investment metrics (unfunded commitment, etc.).
  • Serves as initial or secondary reviewer of investment and composite performance calculations, including time weighted return and IRR calculations.
  • Reviews proxy return settings at the investment level.
  • Participates in initial client discovery sessions, assists in project planning, setting client expectations and facilitating continuous client updates throughout the onboarding process.
  • Responsible for the review of all historic data entry and reconciliations during client onboarding.
  • Participates in ongoing process improvement discussions where feasible including:
    • Process improvement through technical skills development
    • Third party vendor sourcing
    • Ongoing Front Office Solutions program build (fee billing, legal contracts, training, etc.)

UNIQUE REQUIRED KNOWLEDGE & SKILLS

Consultant, Alternative Investment

  • Strong understanding of institutional investment industry, including markets, instruments, funds and fund structures, trading, etc.:
    • Deep knowledge of Alternative Assets, investment products, and related operational processes (hedge funds, private equity). Demonstrated understanding of private equity transactional impacts on unfunded commitments, market value, cost, and other metrics typically associated with private equity (TVPI, DPI, PIC, etc.).
    • Demonstrated knowledge of complex capital account statements and transaction notices.
    • Deep understanding of Alternative Investment products.
    • Understanding of time weighted return and IRR calculations; understanding of instances when performance issues need to be escalated to a supervisor.

Consultant, Operational

  • Strong understanding of institutional investment industry, including markets, instruments, funds and fund structures, trading, etc.:
    • Deep understanding of operational processes, transactional impacts, etc.
    • Familiarity with performance measurement methods and the impact of valuation and transactional activity and timing on different investment return methodologies.
    • Understanding of benchmarks across multiple asset classes as well as an understanding of the benchmark provider industry.

Consultant, Performance

  • Strong understanding of institutional investment industry, including markets, instruments, funds and fund structures, trading, etc.:
    • Deep understanding of operational processes, transactional impacts, etc.
    • Deep knowledge of Performance Measurement & Analytics, including multiple performance calculation methods (time weighted and IRR calculations) and attribution analysis (understanding of instances when performance issues need to be escalated to a supervisor).
    • Knowledge of GIPS Standards.
    • Understanding of benchmarks across multiple asset classes as well as an understanding of the benchmark provider industry. Understanding of calculation methodologies used to produce Public Market Equivalent (PME) benchmarks.

REQUIRED KNOWLEDGE & SKILLS – ALL CONSULTANT POSITIONS

  • Experience working with complex asset owners including Endowments, Foundations, Family Offices, OCIOs, Pension Funds, Sovereign Wealth Funds, and institutional asset managers.
  • Analytical skills.
  • Advanced understanding of Microsoft Suite (Excel, Word, PowerPoint, Visio), with particular emphasis on Excel.
  • Ability to prioritize, multi-task, and perform effectively under deadlines.
  • Ability to handle multiple concurrent projects and to reconcile any conflicting priorities.
  • Commitment to project success as it may require working unconventional hours during critical project phases.

PREFERRED KNOWLEDGE & SKILLS – ALL CONSULTANT POSITIONS

  • Experience using VBA, Python or other programming language to format large data sets.
  • Prior experience with multi-asset class portfolio management software.
  • Experience in using Research Management/CRM solutions
  • Experience / orientation to operational process improvement.
  • Client servicing experience. High level of comfort communicating directly with clients and client advocacy.
  • Ability to work closely and collaborate with internal stakeholders.

UNIQUE QUALIFICATIONS

Consultant, Alternative Investment

  • Minimum 5 years of industry experience working with Alternative Assets, preferably in Operations.

Consultant, Operational

  • Minimum 5 years of industry experience working in Investment Operations such as:
    • Fund Accounting
    • Financial Reporting
    • Accounting
    • Investment Account Data Reconciliation – Accounting and Performance
    • Investment Operations (analytics, reporting, fund or investment accounting)
    • Performance Measurement & Investment Data Analytics (attribution, liquidity, and exposures)
    • Alternative Asset Operations

Consultant, Performance

  • Minimum 5 years of industry experience working in Investment Operations, preferably with a minimum of 1 year in Performance Measurement & Analytics.

QUALIFICATIONS – ALL CONSULTANT POSITIONS

  • A College or University degree.
  • Completion (or progress towards) of advanced credentials (CFA, CAIA, CPA, MBA) preferred.
  • 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.
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