Group Income & Reporting Accountant - 12 month FTC

Job Description
Job title – Group Income & Reporting Accountant – 12 month FTC
Location – London
About Federated Hermes;
Federated Hermes, Inc. is a global leader in active, responsible investment management, with $750.6 billion in assets under management, as of Dec. 31, 2023. We deliver investment solutions that help investors target a broad range of outcomes and provide equity, fixed-income, alternative/private markets, multi-asset, and liquidity management strategies to more than 11,000 institutions and intermediaries worldwide.
Federated Hermes offers institutional clients a range of investment options covering listed equities, fixed income, private markets, and liquidity management. Federated Hermes’ approach prioritises achieving sustainable, long-term returns for clients, emphasizing that responsible investment and stewardship can lead to value-enhanced outcomes.
Federated Hermes Private Equity (“FHPE”) is a global independent investment team, formerly known as Hermes GPE, and is part of the private markets platform. FHPE has over thirty years of fund investing experience as well as over twenty years of co-investment experience having committed over $12bn to 610+ investments as of 31st December 2023. FHPE currently has $6.3bn assets under management globally.
Main Function of the role:
You will be responsible for various accounting activities associated with the revenue streams of Federated Hermes, including ensuring the calculation of income is in accordance with the fee agreements, rebates, distributions fees are calculated on timely basis, that accounts are accurate and relevant analysis supports the business needs. The role will focus on:
Increasing the capability of Finance to monitor, record, comment and forecast revenues and related costs across the group, ensuring accruals, reconciliations and financial controls are effective at all times.
Monitoring of changes in the terms and conditions of fee agreements and structures with clients
Preparation, calculation, presentation and production of invoices for business entities ensuring completeness, accuracy and presentation are acceptable at all times.
Preparation, calculation, presentation and production of Rebate and Distribution fee statements for business entities ensuring completeness, accuracy and presentation are acceptable at all times.
Maintenance of the accounting records, AUM information, new business mandates, external rebates and Internal and External commission structures
Provide ad hoc analysis and report for wider business and investment teams
Prepare Group AUM and Flows report for wider business use including marketing, compliance and business development.
Contribute in client take on process and review IMAs and distribution agreements
Key task and responsibilities:
Calculation of revenue streams for accruals and invoicing purposes:
• Calculate all fees (management, performance, other) due to group entities
• Record and communicate rebates and distribution charges to investors
• Prepare monthly revenue journals for group entities and cost centres (accrued income/sales invoices) for review
• Assist with ad hoc requests such as account analysis
• Maintain and enhance a rigorous process for recording income and ensure the SUN nominal and analysis coding is accurate at all times
• Using Report (Revenue and Expense management solution), prepare all management fee invoices, rebate and distribution fee statements on a timely basis ensuring review and sign off are achieved
• Ensure up-to-date knowledge of sales contracts/client agreements/rate cards, etc, maintained
Provide technical accounting input to new revenue arrangements and corporate structures
Management Reporting
• Active involvement in monthly reporting and forecasting of revenue and related investor costs including full commentary and variance analysis as required by entities and group stakeholder
• Sensitivity analysis of management and performance on various factors for example markets, flows and fee rates
• Ensure Finance maintains as complete and accurate assets-under-management database as possible, liaising with other functions to improve process and records
• Forecasting commission’s structure and liaison with HR and Business Development on agreements and agreed sales information
• Contribution to the annual budget process and five year plan for revenue streams and associated financials
• Provide ad hoc analysis and reports to wider business and investment teams
Other responsibilities
• Support wider needs of Group Finance and regulatory reporting to provide input on balance sheet review and for regulatory large exposure monitoring purposes
• Prepare year-end accounting records for revenue-related balance sheet and profit and loss accounts and co-ordinate responses to audit queries
• Preparation of Group AUM and Flows report to support wider business needs and provide ad hoc reports to other areas of business including marketing, business development and compliance.
• Liaise with Legal, Business Development during client take on process and review IMAs and distribution agreements
Systems:
• Maintain Revport (Revenue and Expense management solution), highly flexible rule based fee engine that automates revenue and expense management across the business.
• Flag issues on a timely basis to other Hermes Finance team members as appropriate
• Review existing processes and procedures and recommend enhancements and new controls as appropriate
Experience Required:
Ideally experience of asset management industry with involvement or understanding of fees, commission and principles of revenue recognition from clients and third parties
Excellent grasp of general accounting fundamentals, double entry bookkeeping, accounts preparation and financial reporting
Experience of working in a group/multi-business environment with multiple cost centres and clients
Understanding of need for effecting financial control environment
Experience of working as an accountant in a regulated environment
Candidate Profile:
Newly qualified and experienced Financial Accountant (CIMA/ACCA)
Advanced Excel skills
Experience and previous knowledge of Revport
Systems knowledge (SUN accounts package preferred)
Thorough understanding of the principles and operation of financial controls and reconciliations
Financial reporting and accounts preparation
Variance analysis, reconciliation and management reporting
Written report writing
Basic understanding of the principles of VAT
Confident, self starter, with ability to take the initiative
Deadline and results focused
Reliable and accurate
Good communicator with a genuine interest in the wider business
Able to work and deliver solutions under pressure
A collaborative team player with a results focused approach
Able to assimilate new information and requirements or changed circumstances quickly and respond accordingly
Able to identify problems and implement solutions effectively
We're looking for the best, whoever they are
We believe in equal opportunities for all and aim to ensure that no current or prospective employee is treated less favourably on the basis of their gender, race, ethnicity, religion or belief, gender identity or expression, marriage or civil partnership, pregnancy and maternity, age, sexual orientation, or disability.
We welcome applications from all eligible candidates, and we particularly encourage applications from eligible candidates from a Black, Asian and Minority Ethnic background, as these groups are underrepresented throughout the financial services sector.
If you would like to request a reasonable adjustment to the application and/or interview process (in line with the Equality Act 2010), please speak to #####