By Shruti Menon Seeboo
In a sector defined by constant evolution and technical complexity, understanding the role of a professional at the heart of the financial machine provides unique insight. Shivangini Mussai, Assistant Manager in the Accounting Department – Fund & Corporate Services at ONS Finserv, embodies the modern professional navigating this intricate landscape. In a recent interview, she shared her journey and insights, offering a window into the skills, philosophy, and passion required to excel in the fund and corporate services sector. Her career path from a traditional accounting role to a leadership position in fund administration highlights a forward-thinking approach, driven by adaptability and a commitment to adding value beyond standard expectations.
“I started my career in 2018 as an Assistant Accountant, focusing on accounting standards for companies operating in Belgium,” Mussai began, outlining her foundational experience. This early exposure to technical principles laid the groundwork for her specialisation. In 2021, she made a pivotal move, transitioning “into fund accounting within a shared services setup, primarily dealing with private equity and closed-ended funds located in key jurisdictions globally being Cayman Islands, Bermuda, Singapore and Mauritius.” This experience, as she described it, “introduced me to the more specialized world of fund structures and investor reporting.” By 2023, she had joined ONS Finserv as a Senior Accountant, working mainly with open-ended funds and hedge funds, a role that led to her recent promotion to Assistant Manager. When asked what initially drew her to the sector, her answer was simple but telling: “It was the dynamism of the industry—the work constantly evolves with market and regulatory changes.”
Her responsibilities at ONS Finserv extend far beyond the scope of a traditional corporate accounting role. While corporate accounting often operates as a “post modern traditional accounting methodology,” as she put it, fund accounting demands a proactive, “day to day involvement and discussions with fund managers.” This fundamental difference is what makes her role so dynamic. “My primary responsibility is managing the day-to-day operations of my team and aligning the objectives of client deliverables,” she explained. “I currently lead three staff members, including one based in the UAE operating from our DIFC Office, and my role involves allocating tasks, reviewing deliverables, monitoring deadlines, ensuring consistent quality across all outputs and discussing with clients to align and structure deliverables.” This leadership component is balanced with her continued involvement in core activities such as NAV calculations, reconciliations, investor reporting, and financial statement preparation. “Unlike traditional corporate accounting, which centers mainly on a company’s performance and back office jobs, fund accounting is investor-driven, requiring us to report performance at the fund level and manage subscriptions, redemptions, and investor allocations,” she elaborated. “The need for regular interaction with fund managers, auditors, and regulators also makes the role highly collaborative and dynamic.”
Navigating Complexity and Ensuring Compliance
The transition to a leadership position came with its own set of challenges, particularly in managing complex projects. Mussai recalled one of her most complex assignments: “One of the more projects I handled was managing the transition of a multi series new hedge fund into our accounting system. It involved multiple share classes, performance fee structures, and frequent dealing cycles.” Her role was crucial in coordinating with various stakeholders. “My role was to lead the NAV preparation process, ensure all reconciliations were accurate, and coordinate with both the client and custodians to meet tight deadlines.” The successful completion of this project was a testament to her meticulous approach and collaborative spirit. She detailed the process, which involved: “Coordinating across multiple stakeholders — including the client, custodians, fund administrators, and internal teams — to gather accurate and timely data.” This was followed by: “Performing detailed reconciliations of portfolio positions, cash balances, performance fees, and investor allocations to guarantee the integrity of financial information.”
Additionally, Mussai highlighted the importance of anticipating potential issues, “Managing tight reporting deadlines by proactively planning deliverables and anticipating potential bottlenecks.” The project required “ensuring the implementation of robust controls to handle complex performance fee calculations and multiple share class structures without errors.” Her constant communication with the client was key: “Providing regular updates to the client and addressing their queries promptly to maintain transparency throughout the transition.” She concluded that this project demanded a “high level of attention to detail, technical accounting expertise, and strong communication skills to manage various moving parts effectively.” She took immense pride in the outcome, as it “strengthened our relationship with the client, enhanced their confidence in our operational capabilities, and demonstrated our ability to manage highly complex fund structures efficiently.”
Beyond specific projects, Mussai’s approach to the unique accounting and reporting challenges of private equity and hedge funds is both nuanced and strategic. “Private equity funds often involve irregular capital calls and distributions, while hedge funds are more focused on frequent NAVs and investor transactions,” she explained. Her strategy is to delve deep into the fund’s structure, whether it involves “fee arrangements, side letters, or valuation methodologies,” and then customise the accounting and reporting process. “Clear documentation and regular communication with fund managers are essential to avoid discrepancies,” she asserted. She added that for private equity funds, a crucial part of their work is to “ensure consistency with the International Private Equity Valuation guidelines and reporting models which are constantly being updated.”
Ensuring accuracy and compliance is a non-negotiable part of her role. Mussai detailed her rigorous process: “In my daily work, I ensure accuracy and compliance by strictly adhering to the Financial Services Commission (FSC) guidelines and relevant accounting standards such as IFRS and local GAAP.” Staying abreast of regulatory changes is paramount, and she achieves this “through regular reviews of FSC circulars and internal compliance updates.” Every financial record is double-checked. “Every financial record and NAV calculation undergoes thorough reconciliations with custodians, brokers, and internal systems to ensure data integrity,” she stated. This structured approach, combined with the use of automated accounting systems, minimizes errors and builds client confidence. “Accurate and timely regulatory filings are a priority, and I coordinate closely with auditors, tax advisors, and legal teams to maintain full compliance.” She underscored the importance of proactive measures: “Regular assessments of internal controls help identify gaps and strengthen compliance measures,” ultimately ensuring all deliverables meet the highest industry standards.
The Technological and Regulatory Evolution
The fund and corporate services sector is in a state of rapid transformation, driven primarily by technology and regulation. Mussai has witnessed this evolution firsthand. “Technology has streamlined processes tremendously—automation, data integration, and reporting tools have reduced manual workloads,” she observed. These advancements, she believes, have enhanced efficiency and reduced manual errors. “Over the years, the fund and corporate services sector has seen significant transformation, largely driven by technology and regulatory changes,” she affirmed. “Automation and advanced fund accounting platforms have streamlined NAV calculations, reconciliations, and investor reporting, reducing manual errors and improving efficiency.” Beyond basic automation, she highlighted the integration of data analytics, AI, and digital dashboards, which “has enhanced real-time reporting and improved decision-making for clients.”
However, this technological shift has occurred alongside increasing regulatory scrutiny. Mussai noted that “increasing regulatory scrutiny from bodies like the FSC, FATCA, CRS, and AIFMD has made compliance more complex, requiring robust control frameworks and timely reporting.” This dual pressure from technology and regulation has created a new standard for professionals. “There is also a growing emphasis on data security and cyber risk management, pushing firms to adopt stronger governance measures,” she pointed out. Mussai’s experience with technology extends to the tools used to handle bulk data and investor reporting. “I have extensive experience working with fund accounting software and various digital tools to manage complex portfolios, handle bulk data, and deliver accurate investor reporting.” She cited her work with platforms like “Investran, Geneva, PFS-PAXUS, Efront, or similar fund administration systems,” which have been instrumental in streamlining processes. These tools enable “efficient processing of large transaction volumes, ensuring accuracy and timeliness even during frequent dealing cycles.” For investor reporting, she utilises “customised dashboards and reporting modules to prepare detailed capital statements, profit allocations, and performance analytics tailored to each client’s requirements.” She concluded that her experience with these tools has “helped build client confidence, improve process efficiency, and deliver high-quality reports consistently.”
The Power of Soft Skills and Mentorship
While technical proficiency is the foundation of her work, Mussai believes that soft skills are what truly set professionals apart. When asked about the most critical skills for junior accountants, she did not hesitate. “Technical accuracy, attention to detail, and a solid understanding of accounting standards are critical,” she stated, but immediately added, “But equally important are soft skills like communication, time management, and adaptability. This industry changes quickly, and being open to learning makes a huge difference.” This belief is central to her approach to mentorship. “For juniors starting out, I always say: focus first on getting your fundamentals right,” she advised. “Technical accuracy, attention to detail, and a solid understanding of accounting standards are the backbone of this profession.”
She emphasised that building a reputation for reliability is key: “If you can produce reliable work — whether it’s NAV calculations, reconciliations, or investor reports — you’ll build trust very quickly with your managers and colleagues.” However, she then turned her attention to the qualities that lead to long-term success. “But what really sets people apart in this industry are the soft skills,” she declared. “Communication is one of the most valuable—being able to explain your work clearly and ask the right questions will save you time and mistakes.” She highlighted time management as another crucial skill, given the tight deadlines. “I also encourage juniors to be adaptable. The fund and corporate services sector evolves fast—regulations change, client needs shift, and new tools get introduced all the time.”
Mussai shared a personal lesson she learned early in her career. “From my own experience, one of the biggest lessons I learned early on was that asking questions is not a weakness—it’s actually a strength.” She admitted that she once hesitated to seek clarification, believing she should figure things out on her own. “But over time I realised that being proactive, reaching out to seniors, and showing curiosity not only helped me avoid mistakes but also built stronger working relationships.” This is a lesson she now passes on to her team members. She urges juniors to “never be afraid to learn from others” and to “treat every task as a chance to grow.” Her final piece of advice for aspiring professionals is powerful and concise: “If I had to sum it up in one piece of advice: build strong technical foundations, but invest equally in your soft skills and mindset. That combination is what will take you from being a junior to a trusted professional in this field.”
A Proactive Philosophy and Passion for Leadership
Mussai’s role goes beyond standard accounting. ONS Finserv’s philosophy of being a “solution provider” is something she embodies in her daily work. “I go beyond just producing NAVs and reports by analyzing trends, highlighting potential risks, and suggesting process improvements to clients,” she said. This proactive approach is a cornerstone of her professional identity. She provided a concrete example: “if I notice recurring reconciliation issues, I don’t just fix them—I work with the client to identify root causes and suggest solutions to streamline operations.” This approach not only resolves immediate problems but also builds lasting partnerships. “This builds stronger relationships and shows clients we’re proactive partners,” she added.
Her passion for her work is evident, and she identified three key motivators: “the combination of responsibility, variety, and the opportunity to lead.” The intellectual challenge of the job is a major factor. “Every fund is unique, and each presents its own challenges, which keeps the work dynamic and intellectually engaging,” she explained. “I enjoy problem-solving and finding solutions that ensure accurate, timely, and reliable reporting for clients.” She finds immense satisfaction in flawlessly completing complex tasks and meeting deadlines, viewing it as “tangible proof of the value we deliver.”
Beyond the technical work, her true passion lies in leadership. “As the person overseeing the entire operations of my team—which includes three staff members, one based in Dubai—I am responsible not only for delegating tasks and monitoring deliverables, but also for making operational decisions that impact both efficiency and accuracy,” she said. The ability to mentor junior members is a source of great pride for her. “I take pride in mentoring juniors, guiding them to understand the bigger picture, and helping them develop the skills and confidence to grow in their careers.” She sees her leadership as a direct contribution to both her team’s development and client satisfaction. “Knowing that my leadership directly contributes to both team development and client satisfaction is what drives me to excel every day.” It is this combination of intellectual engagement, proactive problem-solving, and a commitment to mentorship that keeps Shivangini Mussai motivated and excelling in her field.
