A couple of firms I had interviewed with, but things didn't work out. These were small funds. I saw the other day that a couple of them have been FURIOUSLY looking to hire some mid-level accountants to do some valuation / accounting / reporting of their portfolios. Are these firms going down / actively trying to stop redemptions from their funds? Why are they going bonkers after accountants? Anyone has any thoughts? I would have wanted to restart conversation once things are ok so I am trying to gauge what their hiring needs imply about their current status - if any.
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Accountants are cheaper than bankers. At a small fund the senior leadership usually thinks they can source deals and manage the portfolio, but want minions to do the grunt work like DDQs/valuation/fund ops. Could be a new fundraise that requires new analysis for LPs or maybe they are planning to breach a size requirement with the next raise that puts them in a different regulatory level.
I see what you're saying but these accountants aren't being hired for investment teams. They're looking to hire them to ensure accurate accounting of investments and investment related activity.
I wasn't referring to investment teams. My point is there are a variety of reasons to need more back office, and growth is one of them. A small fund probably has a team that is wearing all of the hats, but maybe these funds are now big enough (or planning to be) to have a dedicated ops function.
Thank you for clarifying. What are DDQs btw that you referenced in your earlier response? Going by what you said, do you think hiring an accountant is a positive sign (as it relates to understanding the firm’s current mindset and how they’re feeling about the future) or is this too hard to decipher based on what I’ve told you?
Some smaller places may have someone doing books and then pay a CPA to do accountant stuff whenever things need to be checked or files
Accountant's lives matter.
.
Sure.
But keep them in the back office where I don’t have to see them
Don't some funds buy companies to exert a certain level of financial engineering, "cook the books" (in a legal way) and then flip them? Sounds like something strong performing accounts would be able to do in conjunction with transaction teams with IB background.
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