Bermuda is one of the leading centres for the administration of hedge and mutual funds with numerous specialised companies providing fund administration services. The HSBC Bermuda and Butterfield also have divisions specialising in fund administration.
Roles vary but some of the most common include:
- Fund/Portfolio Accountants – Typically a fund accountant will be responsible for Net Asset Value (NAV) calculations, preparation of financial statements, and reconciling security and cash positions to 3rd party statements. Requirements usually include degree in business/accountancy and/or a professional accounting/finance qualification (CA, CPA, ACA etc.). Experience of US GAAP and investment accounting is an advantage.
- Account Managers – Duties include managing a team of fund accountants, preparation of cash flow forecasts, monitoring shareholder subscriptions and redemptions, monitoring compliance with fund prospectus, review of NAV calculations, and liaising with clients and 3rd parties (auditors, regulators, lawyers etc). Typical requirements are a recognised accounting qualification, a few years experience in fund accounting, familiarity with US GAAP, and a working knowledge of computer applications such as Bloomberg.