Private Markets Accounting Analyst

Entity:

Job Family Group:

BP Pension Trustees Limited (BPPTL) is a corporate trustee responsible for the managing of the BP Pension Fund (a 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 schemes 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 involves interaction with the private equity and property portfolio managers and suppliers as well as a focus on driving improvements to existing processes. The role will also involve spending time, as and when required, supporting the wider Investment Reporting team with the valuation and performance reporting for all the Fund's asset classes.

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 PE and property performance with State Street's performance services arm 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 collaborator 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 various property managing agents.

• The post holder is responsible for cultivating a positive relationship with the Property and Private Equity investment teams.

• An element of the role will be supporting the daily, monthly and quarterly valuation and performance reporting cycles for all asset classes held within the Fund.

• Strive for continuous improvement of process and content in all areas and support or lead on ad hoc projects.

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 support several key relationships with third party providers as well as internal relationships across BP.

• The post-holder will be expected to challenge current processes and standards and to develop new standardised techniques or approaches to improve the efficiency of the processes.

• There will be a requirement to prioritise multiple work demands, at times in a time-pressurised environment.

Essential Experience and Job Requirements:

• University degree or equivalent qualification

• Prior experience within a financial control/investment accounting role preferably within the investment/fund management industry. Excellent verbal, written communication and interpersonal skills.

• Ability to deliver with minimum supervision and act on your own initiative.

• Able to challenge current processes and standards and to develop new standardised techniques or approaches to improve the efficiency of the processes.

• Good understanding of the private equity and property asset classes.

• Manage ad-hoc projects - skilled practitioner in managing new activities and solving complex problems.

• The role will require an enquiring mind, someone who is comfortable with change, and with a bias to excellence.

• Ambitious, career minded, 'getting it done' attitude

• Highly numerate and strong attention to detail

• Advanced/experienced MS Excel user

• Enquiring mind

• Ability to communicate complex issues in a simple manner

Desirable Criteria:

• Prior experience working within the investment management industry with experience of alternative assets.

• Qualified or part qualified accountant (ACA, ACCA, CIMA or equivalent).

• Previous experience of managing 3rd party relationships.

• Previous experience in an investment accounting role within the investment management industry.

• Previous experience of Private I and SAP BW useful.

Why join us?

At bp, we provide an excellent working environment and employee benefits such as an open and inclusive culture, a great work-life balance, tremendous learning and development opportunities to craft your career path, life and health insurance, medical care package and many others!

We support our people to learn and grow in a diverse and exciting environment. We believe that our team is strengthened by diversity. We are commi.