My work as a...fund accountant

Name: Glen Fennell
Job title: Fund accountant
Employer: Citco Fund Services
Country: Cayman Islands

Since leaving college in 1989, ACCA student Glen Fennell has built up an impressively varied CV.

‘I started working in the hardware industry as an accounts clerk,’ he says. ‘I also worked as an accounts clerk in the auditing services industry before taking on the role of managing director in my own business, providing accounting services.’ To progress his accountancy career further, however, Glen realised he would need a professional qualification.

‘In 2004, I decided to register with ACCA - I wanted to develop my accountancy career by gaining an internationally-recognised qualification.’ In 2005, Glen opted to leave self-employment and look for work. He was soon offered a position as an internal accountant with Citco Fund Services. Two years later he was promoted to fund accountant.

The Cayman office of Citco Fund Services is part of the international Citco Group of independent financial service providers, which comprises international banks, trust, and fund services companies. Its clients include multinational banks, Global 1,000 companies, investment management firms, international real estate investors and high net worth individuals. Citco Fund Services offers accounting, administration, shareholder, and corporate services to hedge funds and collective investment schemes.
Glen’s promotion has brought with it new responsibilities, as he explains: ‘In my previous position, as internal accountant, my responsibilities included posting and filing receipts, reporting on regular accounts receivables, undertaking a daily follow up on receivables, and handling all other accounts receivables queries. In my new role, my primary responsibilities are to maintain the account books and records of a portfolio of mutual funds. This includes net asset value computations and the preparation of financial statements.’

Glen is sure that ACCA has played a big role in his career success to date, not least because his employer supports him in his studies ‘100%’.

‘I think my appointment and promotion happened because I was an ACCA student, which was just as important as my degree-level qualifications. I am now improving my knowledge further by studying for an MBA in finance, which I hope to complete in December 2008, as well as completing my ACCA studies and practical experience requirement in order to become an ACCA member.’