Structured-Entity Consolidation Recovery Leader — Alternative Investments

The mandate

New co-investments, warehousing vehicles, seed capital and performance-linked arrangements have multiplied entities whose legal voting rights do not alone determine control. Investment, Legal and Fund Finance maintain separate diagrams, while removal rights, substantive decision powers, variable returns and agency questions are revisited only at audit. The consolidation specialist left with several assessments incomplete and group perimeter changes unexplained.

The interim begins within three weeks for ten months, covering population repair, year end, two subsequent closes and successor induction. Formation, funding, mandate change, investor admission, removal-right amendment, fee redesign or exposure change becomes a mandatory control-reassessment event. Six weeks are protected for handover; the role will not extend into fund raising or portfolio investment management.

Exit requires one vehicle population, mapped purposes and activities, evidenced decision rights, investor and return structures, principal-agent conclusions, controlled reassessment triggers, approved consolidation outcomes and three closes within tolerance. The successor must analyse an unseen investor side-letter plus manager-removal change, update the perimeter and defend the judgement to the Accounting Policy Committee before authority passes.

The leader may demand complete governing documents, hold unsupported entities from final consolidation, convene multidisciplinary assessments, approve delegated perimeter journals, assign temporary owners and control €15 million of remediation. The Controller retains accounting policy, materiality and statements; investment committees make portfolio decisions; Legal interprets documents; administrators keep service duties; auditors preserve independent conclusions.

Fund formation, investor negotiation, valuation, investment selection, legal restructuring and administrator replacement are outside scope. The interim may establish information requirements but cannot rewrite agreements to achieve a reporting outcome. Ambiguous control indicators will remain visible in the decision record; ownership percentages and management labels cannot substitute for substantive-power and return analysis.

Why this seat is open

Vehicle innovation outpaced the group’s periodic consolidation governance, and the specialist departure removed the person translating legal structures into reporting conclusions. Year end cannot wait for recruitment. Temporary authority must rebuild the population, make reassessment event-driven and qualify a successor against a genuinely ambiguous structured-entity case.

What you will own

• Reconcile funds, feeders, blockers, co-investments, warehouses, securitisation and employee vehicles across group records.
• Map purpose, relevant activities, substantive decision powers, protective rights, removal rights and exposure to variable returns.
• Assess whether asset-management and other decision makers act as principal or agent under each compensation structure.
• Govern reassessment after formation, investor change, funding, mandate amendment, fee redesign or altered economic exposure.
• Translate consolidation decisions into perimeter, eliminations, non-controlling interests, disclosures and statement evidence.
• Exercise a disputed side letter, deadlocked committee, redeeming investor, changed fee and substantive removal right.
• Transfer perimeter governance after three closes and successor defence of an unfamiliar multi-indicator vehicle.

Candidate qualifications

• Held structured-entity consolidation authority within alternative asset management, banking or another vehicle-dense international group.
• Assessed substantive power, relevant activities, variable returns, removal rights and principal-agent questions beyond voting percentages.
• Reconciled legal documents, investor rights, fees and economic exposure into controlled group reporting decisions.
• Governed recurring reassessment and consolidation consequences across fund formations, side letters and mandate changes.
• Worked with investment teams, counsel, administrators and auditors without taking their commercial or professional authority.
• Handed a recovered vehicle perimeter to permanent leadership through live closes and ambiguous control scenarios.

Non-negotiables

• Available within three weeks for Luxembourg City leadership across year end and two subsequent closes.
• Direct structured-entity control assessment in an investment environment is required; fund accounting alone is insufficient.
• No undisclosed relationship may involve underlying funds, investors, administrators, external counsel or the appointed auditor.
• Will preserve contradictory control indicators in committee evidence even when the conclusion remains commercially inconvenient.

1. 49 words maximum. Describe a vehicle where substantive power contradicted the apparent ownership structure.
2. 49 words maximum. How did you decide whether an asset manager acted as principal rather than agent?
3. 49 words maximum. Which side-letter change would you use to test the permanent consolidation leader?