Energy, Originality, Conviction...
M&G Real Estate is the property investment arm of M&G. We are one of the world's largest property investors with £25.9bn* of assets under management across all the major sectors in the UK, Europe, Asia and North America.
*as at 30 June 2016
The Property Fund Finance team is responsible for the financial operations of over £20 billion of property funds managed by M&G Real Estate. This role involves responsibility for the financial control and oversight function for M&G's range of Luxembourg-domiciled UK institutional funds and a new line of business in separate accounts, as well as supporting future product development and new fund launches. The role also involves line management of a Fund Controller and a Financial Accountant.
You will be responsible for the following tasks:
You will be responsible for the provision of financial control and oversight services to the following Luxembourg-domiciled institutional real estate funds:
M&G UK Property Fund (NAV £735m)
M&G UK Residential Property Fund (NAV £315m; committed capital £237m)
In addition you will be responsible for supporting the establishment of a new line of business for M&G Real Estate, in separate accounts, joint ventures and club deals. This includes the on-boarding of the first separate account client, a £400m mandate to invest in UK property through a structure of on- and off-shore holding structures.
The role will also take on responsibility for the financial control and oversight of a new fund planned to be launched in mid-2017. This will be a closed ended value add fund investing in UK properties.
This role's responsibilities include:
• Line management responsibility for a Fund Controller and a Financial Accountant
• Responsible for setting objectives, carrying out appraisals, performance management and supporting the career development of the team.
Supporting new business
• 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
• Assisting with the launch of the new line of business in separate accounts, joint ventures and club deals - supporting in the areas of structure and operating model establishment (agreeing reporting requirements with client, agreeing service provider scope of service etc), transactions support and ongoing financial management
Oversight of regular reporting
• The team is responsible for reviewing and approving monthly/quarterly NAVs, management accounts, prices, distribution calculations and other financial information prepared by outsourced service providers. The team also prepare performance reporting files for each fund, as well as reporting to the CSSF and INREV. Consolidation information is also provided to Prudential plc. The Team Leader is responsible for the oversight of these processes, and the review of the accounting for complex transactions.
• The team is responsible for reviewing the annual financial statements for the funds/mandates and all subsidiaries, and managing the annual audit process. The Team Leader will carry out a final review of all financial statements prior to their presentation to the respective boards.
• 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/mandate is receiving the appropriate level of service.
• The Fund Controller is responsible for day to day liaison with the service providers, with the Team Leader responsible for issues resolution and attendance at bi-annual relationship meetings.
Budgeting & forecasting
• The team is also responsible for the preparation of weekly cash flow forecasts for the funds.
• The Team Leader 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 (physical attendance or video conference) at quarterly Board meetings of the funds' management companies in Luxembourg and of the GP to the UK LPs that own the properties
• Review of quarterly investor reports
• Attendance at bi-annual Investor Day presentations
• Responding to investor queries relating to performance, NAV calculation etc.
• Responsible for the day to day accounting service delivery to separate account clients, including meeting their bespoke reporting requirements.
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 clients' 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
• Supporting the arrangement of internal financing, e.g. review of funding diagrams and management of funding lines and movement of cash through the fund structures
• Liaison with tax advisors to maximise cash repatriation whilst minimising tax leakage
• Reviewing financial ratios for covenant reporting to banks and fund managers
• Maintenance of management information reporting and risk registers
• Ensuring that team procedures are robust and are fully documented and kept up to date
• Ensuring appropriate issues escalation and resolution
Provision of ad-hoc accounting / financial support to the business
• The Team Leader will be the main point of contact for the business in relation to the funds and mandates. The role includes the provision of advice and support on a number of ad-hoc projects and issues, which may involve:
o Changes to fund terms / documentation
o Responding to requests from investors
o Expansion into new geographical jurisdictions
o Supporting new fund/mandate launches
o Responding to legislative / regulatory changes
o Responding to industry guidance (e.g. INREV)
o Service provider reviews / rationalisation
o Implementation of new accounting systems
• Provision of cover to other Team Leaders
• Provision of cover to Manager during times of absence
• Assistance with ad-hoc projects covering various elements of the work of the Property Fund Finance team
What we are looking for
You will be a qualified accountant with property financial accounting experience (preferably with strong technical knowledge of IFRS) and ideally with experience of supervising staff. In addition you will possess first class communication skills and an ability to quickly understand and act on questions raised by clients in a timely manner. You will also possess strong analytical skills and be able to understand, question and challenge a range of financial data. This will be a highly visible role so requires someone with an approachable personality, strong focus and first class communication skills.
M&G is committed to a diverse and inclusive workplace. Our role as an employer is very simple – to provide the right environment for talented people to do their best work, by respecting, understanding and valuing individual differences.