Pgim Real Estate Fund Controller, Fund Operations
1 week ago
PGIM is the diversified asset management business of Prudential Financial, Inc. (NYSE: PRU). With $1.2 trillion in assets under management, and 47 offices spanning 18 countries, PGIM is among the world’s largest asset managers. Comprised of six self-governing asset management divisions, each PGIM business offers a distinct workplace culture that aligns with the firm’s ultimate objective: to provide premier service to our clients while fostering an inclusive workplace culture that is rooted in trust, respect and equality.
**Our Business**:
As one of the largest real estate managers in the world, PGIM Real Estate strives to deliver exceptional outcomes for investors and borrowers through a range of real estate equity and debt solutions across the risk-return spectrum. We engage in practices that ignite positive environmental and social impact, while pursuing activities that strengthen communities around the world. As a member of our team, your ideas and collaboration will spark meaningful impact for our investors, borrowers, and your colleagues. We welcome your insight and will focus on growing your skills within our world-class organization.
**About the role - Principal Responsibilities**:
**The Position**:
The Fund Controller manages the entire financial reporting, cash management and tax compliance processes of their respective Real Estate Fund(s) including the strategic and operative management of external service providers. This is a team management role where the Fund Controller will have oversight of the Assistant Fund Controller(s). The Fund Controller is the key finance contact for the Portfolio Management team and will work with a multitude of stakeholders across the various teams. Sound technical, commercial and management skills are required.
**Responsibilities**:
The Fund Controller monitors, advises and controls the external service provider(s) in compliance with PGIM RE’s vendor governance program. The Fund Controller is also the key person for the coordination of fund administration, financial audits and tax compliance. While the preparation of the following outputs is outsourced to a great extent, the Fund Controller retains full responsibility for accurate and timely completion.
Financial & Regulatory Reporting
- Timely and accurate production of quarterly and annual Fund Financial Statements under IFRS (consolidated FS) for pan-Asian open-ended / closed-ended fund structures or segregated mandate structures
- Review and approve IFRS / Local (statutory) GAAP financials within the fund structure, cash reports, distribution forecasts, variance reports, budgets, etc. (Financial Controlling)
- Management of the financial reporting processes with the fund administrators/external accounting service providers who are producing the IFRS / Local GAAP management accounts and quarterly Financial Statements for SPVs and Funds
- Calculation of fund level returns, trading NAV, INREV NAV & TER, unit/share prices and management fees
- Co-ordination and preparation of financial audits
- Internal reporting (e.g., related to fund financials), regulatory reporting, financial reporting to be delivered based on investor side letter arrangements
- Financial loan covenant calculation and reporting
- Establish, update and monitor the financial reporting timetable for the fund mandate(s)
- Track and monitor upcoming IFRS/other GAAP changes relevant to the industry and to the Financial Statements, such that these are appropriately planned for. This includes providing reasonable arguments for the implementation/interpretation of reporting standards.
Tax Compliance/Tax Structuring
- Monitor and manage tax filings / tax compliance for income/corporate tax, withholding tax, capital gains tax, value add tax and FATCA/CRS
- Possess a good understanding of the fund tax structure
- Analyse relevant tax law change impacts on the fund structure together with the fund tax advisor
- Assurance of sufficient transfer pricing documentation and fulfilment of substance requirements
- Deal/Fund tax structuring support for Portfolio Management / Transactions
- Regular attendance of tax update seminars
Fund & SPV Cash Management
- Cash management across the entire fund structure including regular capitalization and liquidity forecasts in compliance with the fund specific cash management strategy defined by Portfolio Management
- Processing capital calls, distributions, redemptions
- Review and approve payment instructions based on the relevant Delegation of Authority matrix
- Maintenance of bank accounts and online banking solutions and keeping an actual bank account inventory
Fund & Corporate Governance
- Establishment of SPV entities based on deal/fund structuring advice
- Good understanding of the requirements to hold regular board & shareholder meetings in the jurisdictions where the fund(s) has SPV entities
- Preparation of sufficient and relevant information input for board meetings
- Oversight and tracking of the boar
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