Assoc Spec, Fund Admin, HFS

The Northern Trust company seeks an Associate Specialist, Fund Admin, HFS to review monthly and quarterly fund investor allocations, management fee, incentive fee calculations, and waterfall models. The role involves reviewing fund documents, building allocation models, and working with clients and internal teams to resolve escalations and support scalable operations.

• Review monthly and quarterly fund investor allocations, management fee, incentive fee calculations, and waterfall models.
• Interpret and execute allocation requirements by reviewing fund documents.
• Build allocation models to support bespoke fund and client requirements.
• Work directly with clients, including CFOs and fund controllers, for onboarding and monthly/quarterly deliverables.
• Act as a client escalation point for issues, providing direction and judgment calls for the internal team while communicating with clients to resolve external issues.
• Collaborate with team members to build scalable operations for a large client portfolio.
• Troubleshoot issues and scope new or desired functionality with technology resources.

• Bachelor’s degree in Finance, Business Administration, Accounting, or a related field.
• Minimum of 5 years of experience with fund administration, including reviewing monthly and quarterly fund investor allocations, management fees, incentive fee calculations, and waterfall models.
• At least 5 years of experience reviewing and analyzing fund documents to interpret and execute allocation requirements.
• At least 5 years of experience with Excel and MS Office.
• Alternative: 7 years of experience in fund administration if degree is not in the specified fields.

$ -  per year.

Salary range is a good faith estimate of base pay. Northern Trust provides a comprehensive benefits package including retirement benefits (401k and pension), health and welfare benefits (medical, dental, vision, spending accounts and disability), paid time off, parental and caregiver leave, life & accident insurance, and other voluntary and well-being benefits. Northern Trust also offers a discretionary bonus program that may include an equity component.

As a Northern Trust partner, greater achievements await. You will be part of a flexible and collaborative work culture in an organization where financial strength and stability is an asset that emboldens us to explore new ideas. Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to assisting the communities we serve!

Join a workplace with a greater purpose.

Northern Trust is committed to working with and providing reasonable accommodations to individuals with disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center at

Job Location:

Chicago, IL. To apply, please visit our website and enter job requisition number R151228 when prompted. Alternatively, send your resume, cover letter, and a copy of the ad to: G. Duggan, 181 W. Madison, Chicago, IL 60602.

March 18, 2026