IFC Asset Management Company, LLC (AMC) is the fund management arm of International Finance Corporation (IFC). AMC was established in 2009 as a wholly-owned subsidiary of IFC, to mobilize and manage third-party capital for investment in private enterprise in developing and frontier markets. It aims to enhance IFC’s development impact and financial sustainability, as well as generating profits for investors. AMC –managed funds are targeted at large sophisticated investors who are looking to increase their exposure to emerging markets and who are interested in accessing IFC’s transaction pipeline, investment approach and standards, global reach and track record of superior returns. AMC currently has over $4 billion under management in the following funds:
- IFC African, Latin American and Caribbean Fund, which co-invests in IFC equity and equity related transactions in Africa, Latin America and the Caribbean across a broad range of sectors
- IFC Capitalization Fund, which invests in the equity and subordinated debt of large domestic commercial banks in developing countries
- Africa Capitalization Fund, which makes equity or equity-related investments in commercial banks in North and Sub-Saharan Africa
- IFC Russian Capitalization Fund which makes equity and equity-related investments in commercial banks in Russia
- IFC Global Infrastructure Fund, which invests alongside IFC in infrastructure and, selectively, natural resources companies and projects in emerging markets
- IFC Catalyst Fund, a fund of funds platform to invest in private equity funds focused on low-carbon and climate-friendly companies and projects in the emerging markets globally (“Climate Business”), as well as to make co-investments with its investee funds.
In addition, AMC is planning to raise and manage additional funds in the future, each with a focus on a particular sector, region or product.
IFC’s investment departments support AMC by providing origination, execution and supervision services, but all investment and portfolio decisions for funds under management are taken independently by AMC.
Duties and Accountabilities:
Reporting to the Controller, the Investment Accounting Associate will (i) be responsible for financial reporting and financial operations of AMC Funds including cash management; (ii) review investment agreements to determine proper accounting treatment; (iii) assemble documents and information on projects related to AMC and AMC Funds selected for accounting review and (iv) work with the finance team to support the investment teams on financial related procedures for fund related investments.
In particular, the Associate will:
- Coordinate and review quarterly and annual financial statements, including (a) preparation of Fund expense accruals (b) cash reconciliations, (c) review of trial balance and financial statements and (d) research of accounting issues
- Preparation of investment disbursements and management of custody operations.
- Assist in calculating the investments and Funds’ performance by tracking all activity of the investments such as purchases, cash dividends, in-kind dividends, conversions, valuations and sales
- Track and reconcile accounts receivables from the Funds' including management fees and expense reimbursements
- Process the payment of AMC and Fund invoices and assist in the year-end tax reporting requirements
- Assist in maintaining and enhancing internal control processes and procedures
- Assist in the preparation of the Funds’ quarterly and annual reports
- Assist in preparing annual budget for AMC and its Funds
Selection Criteria:
The successful candidate will have the following qualifications:
- BS/ BA degree in accounting, CPA preferred,
- 4 or more years of relevant experience, preferably in private equity or public accounting in asset management industry
- Good understanding in the application of US GAAP and international accounting standards and accounting practices, hands-on familiarity with financial analysis, financial management, and accounting systems, financial reporting, auditing and budgeting
- Good understanding of Partnership accounting and investor allocations including private equity investment valuations and asset management industry practice
- Knowledge of IFC project documents such as investment agreements and typical investment structures to identify related accounting matters is a plus
- Excellent organizational skills and attention to detail, can handle multiple projects and ability to effectively work independently as well as in teams
- Ability to effectively communicate both orally and in writing
- Detail oriented with the ability to continually monitor and improve processes and procedures
- Proficient in office applications including Excel, Word and PowerPoint.
To apply for this position, please send your CV and cover letter to AMCRecruit@ifc.org.
NOTE: The selected candidate will be employed directly by AMC, which is a distinct legal entity to IFC.
IFC - 30+ days ago
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