Head of Investment Finance & Operations in Edinburgh

About us

At Lothian Pension Fund (LPF), we administer the local government pension scheme (LGPS) in Edinburgh and the Lothians and are one of approximately a hundred LGPS funds in the UK. We’re an asset-backed and multi-employer scheme with over £11.1 billion of assets and we were 157% funded at our last valuation in 2023. We’re proud to serve over 90,850 members and 58 contributing employers.

We are uniquely placed within the Scottish LGPS landscape, with an established in-house investment management capability alongside the administration of the pension scheme. Our group also includes Lothian Pension Fund Investments Ltd (LPFI), which has been authorised and regulated by the Financial Conduct Authority since June 2016 and enables us to provide investment and advisory services to other LGPS funds.

With around 120 colleagues, we are a relatively lean organisation for the scale and complexity of our activities. This creates an environment where colleagues can have real impact, work across organisational boundaries and contribute directly to the continued development of our governance, controls and ways of working.

LPF is a growing, vibrant, and exciting place to work. We offer flexible working and a blended work model, combining home working with our spacious city centre office. We have a strong sense of community and purpose and a range of social and wellbeing initiatives for colleagues.

The Role

The Head of Investment Finance & Operations leads LPF’s investment accounting, investment finance and associated Finance-owned investment operations, ensuring investment transactions, valuations, liquidity, accounting records and regulatory financial reporting are managed accurately, effectively and within a robust control framework.

Working across Finance, Investments, Middle Office, Risk & Compliance and external service providers, the role provides functional leadership, technical expertise and governance across investment accounting, custody, operational cash management, regulatory financial reporting and Finance-owned investment operations.

The role is accountable for the effective operation and continuous development of the investment Finance back-office operating model, including its people, processes, systems, controls and third-party arrangements, and for ensuring effective interfaces with the Front and Middle Office operating model.

The key responsibilities will be:

• Functional Leadership & Strategy: Lead the Investment Finance & Operations function, setting priorities, developing capability and ensuring the delivery of high-quality investment accounting, Finance-owned investment and back-office operations, governance and control activities aligned to LPF's strategic objectives.
• Investment Operating Model & Financial Control: Own the effective operation and continuous development of the Fund's investment finance and associated operations operating model, ensuring robust controls, accurate investment accounting, efficient processing and the production of high-quality management information, with clear accountabilities and effective interfaces across Front, Middle and Back Office activities.
• Investment Finance Operations: Lead Finance-owned investment related operational activity, ensuring effective processing, reconciliation, control and oversight of investment transactions and associated cash, custody and accounting activities, with clear hand-offs and accountabilities between Front Office, Middle Office, Finance (Back Office) and external service providers.
• Investment Accounting: Own the investment accounting framework, policies and technical accounting approach, ensuring accounting treatments remain appropriate and compliant with relevant accounting standards, statutory guidance and internal policies.
  
• Investment Financial Reporting: Lead the investment-related components of the Lothian Pension Fund Group financial statements, providing specialist investment accounting expertise, analysis and disclosures to support statutory and management reporting requirements.
• Investment Regulatory Reporting & ICARA: Lead the preparation and production of investment-related regulatory reporting, capital and liquidity analysis, stress testing and supporting financial information for ICARA and other prudential requirements, ensuring outputs are accurate, appropriately controlled and delivered within required timescales. Work closely with Finance Governance & Prudential Oversight, which provides prudential governance, review and challenge.
• Capital, Liquidity & Operational Cash Management: Lead and oversee the management and monitoring of investment liquidity, cash-flow forecasting, funding requirements, collateral and foreign-exchange activity, ensuring funding obligations are met and cash is managed within agreed limits and controls.
• Investment Valuation Governance: Own the financial and accounting governance of investment valuations, including oversight of valuation policies, pricing sources, fair-value judgements, valuation reconciliations and associated controls, working with Investments Front and Middle Office where responsibilities form part of the wider valuation process.
• Investment Finance Risk Management & Governance: Own and manage financial and operational risks within the Investment Finance & Operations remit, including those arising from investment accounting, custody, taxation, liquidity and Finance-owned investment operations, ensuring effective controls, monitoring and mitigation arrangements are maintained. Lead operational incident management, business continuity and resilience activities for critical Investment Finance & Operations processes.
• Investment Change & Transformation: Lead the Finance contribution to investment change initiatives, including new investment mandates, structures, products, systems, processes and onboarding of external investment managers and service providers. Play a key role in the development and implementation of the Middle Office model, ensuring Finance requirements, controls, responsibilities, data flows and operational interfaces are appropriately designed and embedded.
• Investment Data, Systems & Reporting: Own the governance, integrity and continuous improvement of finance-owned investment data, systems, reporting, management information and analytics, working closely with Investments Front and Middle Office to ensure effective data flows, controls, ownership and interfaces across the investment operating model.
• Strategic Supplier & Custodian Oversight: Act as Supplier Relationship Owner (SRO) for the global custodian and other key investment support services, providing effective third-party oversight in line with the Supplier Management Framework, and working closely with Investments Front and Middle Office in relation to operational service delivery.
• Senior Stakeholder Engagement: Act as the senior Finance partner to the Investment Team, Portfolio Managers, custodians, investment managers, auditors and governance bodies, providing expert advice, challenge and insight.
• People Management: Lead, develop and support team members, ensuring objectives, performance, wellbeing, succession planning and professional development are effectively managed.
  
  
  

What experience are we looking for?

The following requirements are essential for this role:

• Qualified accountant (ICAS, ICAEW, ACCA, CIPFA, CAI or CIMA).
• Significant experience across investment accounting, fund accounting, investment operations and/or investment finance, including leadership experience within asset management, investment management, pensions or another FCA-regulated financial services environment.
• Demonstrable experience leading a specialist finance or investment operations function, including responsibility for people, priorities, processes, controls and service delivery.
• Strong knowledge of investment accounting, investment valuations, financial instruments, fund structures, custody arrangements and investment operations.
• Strong working understanding of FCA regulatory requirements relevant to an investment management business, including regulatory reporting, prudential requirements, capital and liquidity management and ICARA.
• Experience of regulatory reporting, capital and liquidity monitoring, stress testing or ICARA-related financial analysis.
• Experience overseeing investment financial reporting, reconciliations, valuation controls and the integrity of investment accounting records.
• Experience managing custodians, investment managers or other strategically important third-party service providers.
• Demonstrable ability to provide technical advice, constructive challenge and clear recommendations to senior stakeholders, Boards or Committees.
• Experience supporting or leading investment operating model change, new mandates, system implementation, new operating arrangements or wider finance transformation, including the design and implementation of effective processes, controls and interfaces across investment functions.
• Strong leadership, stakeholder management, analytical and problem-solving skills.
• Experience using Power BI, Power Automate or comparable reporting, data visualisation and workflow automation tools would be advantageous.
• Clean basic vetting checks.
  
  
  

How to apply and the assessment process

Please upload your CV and a covering letter, which includes a supporting statement explaining why you’d be a great fit for the role. CVs on their own won’t be accepted as an application for the role.

Our core and flexible benefits

You’ll benefit from a highly competitive salary, a discretionary variable pay award and a wide range of colleague benefits, including:

• A generous defined benefit pension scheme
• A hybrid model of working, both from home and in our spacious city centre office
• Flexible working to support both your needs and those of our organisation
• An all-inclusive gender-neutral parent policy covering maternity, paternity, surrogacy, and adoption
• A free and confidential Employee Assistance Programme to support you and your family through any concerns or challenges you may face
• Award programme based on peer-to-peer nominations
• A cash bonus recruitment referral programme
• Access to the Salary Extras portal which offers to a range of amazing discounts and services such as a voluntary healthcare plan, gym and retailer discounts, bike to work and tech scheme

Equal Opportunities (including our support for Public Sector Equality Duty)

Lothian Pension Fund is committed to promoting a diverse, equal, and inclusive culture and welcomes applications from people of all sectors of the community.

We encourage people from under-represented communities to apply, including but not limited to those with disabilities, from minority ethnic groups, who are part of the LGBTQ+ community, and all those who feel their voices are not commonly represented.

If you need any adjustments to support your application, such as information in alternative formats or if you’re eligible under the Disability Confident Scheme, please contact us at [email protected] and we’ll do everything we can to help.

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