Assoc Spec, Fund Admin, HFS

About Northern Trust

Northern Trust is a Fortune 500 company and a globally recognized, award‑winning financial institution in continuous operation since 1889. With more than 130 years of experience and over 22,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service.

The Northern Trust Company seeks an Associate Specialist, Fund Administration, HFS. Responsibilities include reviewing monthly/quarterly fund investor allocations, management fee, incentive fee calculations and waterfall models, interpreting and executing allocation requirements from fund documents, building allocation models for bespoke fund and client needs, collaborating with clients and internal teams, serving as the escalation point, and working with technology resources to troubleshoot and scope new functionality.

• Review monthly/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, monthly/quarterly deliverables, and escalations.
• Serve as a client escalation point, providing direction and judgment calls for the internal team while communicating with clients to resolve issues.
• Collaborate with team members to build scalable operations to meet service needs of a large portfolio of clients.
• Work closely with technology resources to troubleshoot issues and scope new or desired functionality.

• Bachelor’s degree in Finance, Business Administration, Accounting or a related field.
• At least 5 years of experience with fund administration (or 7 years if no bachelor’s degree). Experience must include: 5 years reviewing monthly and quarterly fund investor allocations; 5 years calculating and reviewing management fees, incentive fee calculations, and waterfall models; 5 years reviewing and analyzing fund documents for allocation requirements; 5 years experience with Excel and MS Office.
• Strong analytical, communication, and client‑service skills.

Chicago, IL.
Annual salary: $ – $.
Telecommuting benefit available.

• 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
• Discretionary bonus program that may include an equity component

As a Northern Trust partner, you’ll join a flexible and collaborative work culture in an organization where financial strength and stability 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 the communities we serve.

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

End Date:
March 18, 2026.
our website and enter job requisition number R151228, or send your resume, cover letter, and a copy of this ad to: G. Duggan, 181 W. Madison, Chicago, IL 60602.