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Description
Do you want to build a career that is truly worthwhile? The World Bank Group is one of the largest sources of funding and knowledge for developing countries; a unique global partnership of five institutions dedicated to ending extreme poverty and promoting shared prosperity. With 189 member countries and more than 120 offices worldwide, we work with public and private sector partners, investing in groundbreaking projects and using data, research, and technology to develop solutions to the most urgent global challenges. For more information, visit www.worldbank.org.
The Pension and Endowments Department (PEN) is responsible for the financial management and administration of the World Bank Group's funded benefit plans. Financial management includes asset management responsibilities and actuarial support. PEN manages about $40 billion US dollars invested across a range of asset classes, including fixed income, public equities, private equity, real assets, absolute return, and credit strategies. The Pension Finance Committee, appointed by the Bank Group President and chaired by the Chief Financial Officer, has oversight responsibility for the financial management of the plans. PEN’s responsibilities also include the delivery of technical assistance on multi- asset class investment management to pension plans, endowments and funds for the future, and the management of the Pension Administration function. PEN identifies, selects, evaluates, and monitors investments, through outside managers, globally.
The Pension Middle Office team (PENMO) under PEN is responsible for providing a full range of functions supporting these investment activities, including the following: i) pension plan operational activities, ii) pension plans financial statements, iii) pension investment performance and attribution, iv) asset class exposure monitoring, v) investment asset pricing and valuation, and vi) third-party clients’ reporting. The World Bank Group is committed to achieving diversity in terms of race, gender, nationality, culture, and educational background. Individuals with disabilities are equally encouraged to apply. All applications will be treated in the strictest confidence. Duties and Accountabilities:
The primary responsibilities will include, but is not limited to, some combination of the following activities:
• Support automation initiatives and IT projects relating to operational areas including systems implementation, maintenance of documents, databases, dashboards, and reports. • Help record, analyze, and report daily capital calls and distribution notices and quarterly investor capital statements received from Private Equity (PE), Real Estate (RE) and Credit Strategy (CS) fund managers. • Perform daily and monthly reconciliations of cash flows recorded in the internal application for PE/RE/CS to corresponding records of the Custodian. Would be required to investigate differences and suggest solutions in a pro-active manner. • Create and maintain analytical reports using periodic reports and statements received from fund managers for better understanding of both the manager and portfolio performance. • Help record monthly and quarterly investor capital statements received from Fund managers in a timely manner. • Assisting headquarters in the year-end audit of the pension plans and the preparation of plan’s financial statements and footnotes with working papers. • Maintain document and contact databases for hedge fund, PE, CS and RE funds. • Prepare routine correspondence and promptly communicating with third parties. Managing the flow of information and monitoring/following-up on outstanding issues and deadlines. • Be responsible for resolving and/or escalating daily operational issues with custodians, internal and external parties. • Handle requests to open new accounts with the custodian and set up new wire instructions of external parties in the wire system. • Ensure that all business processes in the unit are properly documented and complied with. • Assist PENMO staff with ad-hoc tasks to ensure prompt delivery of daily, monthly, quarterly, and year-end deliverables and reporting requirements, and • Support and attend to various tasks within a multi-asset class management business in the areas of treasury operations, accounting, management reporting, valuation control, and performance analytics, as may be assigned from time to time.
Selection Criteria
• Bachelor’s degree in accounting or finance. Candidates with master’s degree in finance, Accounting or Business (MBA) and /or CA-inter would have an advantage. • At least 2 to 3 years of relevant work experience required in Fund Accounting or preparing financial statements for funds and fund investments. Experience in working on any fund accounting application will be a plus. • Strong quantitative skills demonstrated by analysis of fund reports and statements to reflect explanation of exceptions and outliers. Excellent spreadsheet skills would also be required. Candidates with knowledge of Prompt engineering, Power Query, DAX, excel macro writing ability and/or Python would have an advantage. • Demonstrated ability to learn new technologies quickly and effectively for maximum productivity. • Ability to deal with various third parties such as custodians, fund administrators, investment managers, general partners, etc. to obtain information. • Excellent communication and presentation skills – both verbal and written. • High level of initiative, self-confidence, and a self-starter; ability to apply a practical matured approach to problem solving with minimum supervision. • Commitment to work in a respectful, team-oriented, and multi-cultural environment. • Flexibility to overlap with U.S. hours will be required to meet reporting deadlines. Willingness to travel to Washington DC for training and team projects, if required. • Highest ethical standards
Competencies:
• Financial Market Literacy - Can understand financial market processes; reads and analyzes financial reports and data such as holdings, valuation, performance, compliance, account reconciliations, position, margin, and settlement and risk reports. • Process and Infrastructure Development - Makes recommendations to improve efficiency of the accounting, business risk or operations process. • Operational Risk and Control - Understands the basic concepts of risk management and internal control frameworks. • Investment Operations - Adept or expert in processing a suite of transactions such as FX or other investment transactions, and/ or managing bank accounts and reference data. • Client Orientation - Able to establish partnership based working relationships with internal/external clients. Demonstrates independence, initiative, and autonomy in addressing clients' needs. • Drive for Results - Takes personal ownership and accountability to meet deadlines and achieve agreed-upon results and has the personal organization to do so. • Teamwork (Collaboration) and Inclusion - Collaborates with other team members and contributes productively to the team's work and output, demonstrating respect for different points of view. • Knowledge, Learning and Communication - Able to research and draft quality written materials or review adherence of written materials prepared by others to administrative requirements. Able to mentor and guide and organize learning activities within area of assigned responsibilities.
Business Judgment and Analytical Decision Making - Able to use analytical, problem-solving skills and resourcefulness to make informed and practical decisions to carry out own work. Able to advice on information usage and storage, and policies around assigned responsibilities.
World Bank Group Core Competencies We are proud to be an equal opportunity and inclusive employer with a dedicated and committed workforce, and do not discriminate based on gender, gender identity, religion, race, ethnicity, sexual orientation, or disability.
Learn more about working at the World Bank and IFC, including our values and inspiring stories. Note: The selected candidate will be offered a one-year appointment, renewable at the discretion of the World Bank Group, and subject to a lifetime maximum ET appointment of three years. If an ET appointment ends before a full year, it is considered as a full year toward the lifetime maximum. Former and current ET staff who have completed all or any portion of their third-year ET appointment are not eligible for future ET appointments.
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