By Shruti Menon Seeboo
Desheeta Ramburun, a distinguished professional in Mauritius’s flourishing financial services landscape and Manager – Fund Accounting at ONS FinServ Ltd, offers a compelling narrative of adaptation, strategic growth, and visionary leadership within the continually evolving world of fund accounting. Her distinguished career, spanning over a decade, provides an invaluable perspective through which to examine the profound shifts, intricate challenges, and promising future trajectory of this critical sector, particularly within Mauritius’s robust and expanding offshore industry. Desheeta’s journey underscores the vital blend of technical acumen, refined interpersonal skills, and forward-thinking adaptability essential for flourishing in a globalised and digitally-driven financial environment.
From Local Ground to Global Horizons: A Career Forged in Change and Curiosity
Desheeta’s initial foray into the accounting profession began not amidst the complex structures of the global business sector, but as an Accounts Clerk in a local Mauritian company. As a fresh graduate and embarking on her ACCA qualification in 2015, her primary motivation was clear: to acquire indispensable practical experience – a non-negotiable prerequisite in the accounting profession. Her initial year provided fundamental exposure to domestic accounting practices, dealing primarily with local businesses and individuals.
The decisive turning point in her career, however, arrived with an unexpected yet welcome opportunity at DTOS Ltd, a move that marked her significant entry into the offshore industry and, more specifically, the specialised domain of fund accounting. “At first being a fresher in the finance market, it was quite a challenge to secure a job,” she recalls. “Sending job applications to different companies, be it local or offshore, I was able to secure a position as an accountant clerk in a local company where I seized the opportunity.”
This transition, she explains, was propelled by a powerful confluence of factors: “I was always curious to know what the offshore industry is about and could grab an opportunity to explore this industry.” Beyond mere intellectual curiosity, the appeal of enhanced remuneration, substantial career advancement, and vital professional development aligned with her ACCA studies proved irresistible. “It was a position in the Fund Accounting department which was something new which I wanted to dive into, as I had learned that this is a very dynamic field from the accounting side,” she adds. The offshore sector, with its diverse international client base and complex financial instruments, presented a far broader and more dynamic learning environment than traditional local accounting. It was here that she first encountered the intricate concepts of hedge fund accounting and private equity accounting, swiftly discerning the dynamic and challenging nature of this specialised field.
The shift to the global business sector necessitated a rapid and substantial enhancement of her soft skills. “The global business sector came with its own pros and cons,” she elaborates. “I had to start upskilling my soft skills; communication skills, develop a quick problem-solving mindset as well as critical thinking mind, adapt to a changing environment with confidence amongst others.” This initial immersion proved to be a seminal moment, setting her on an accelerated path of continuous growth, specialisation, and leadership that continues to shape her professional trajectory today.
Weaving a Tapestry of Expertise: Insights from Industry Giants and the Power of Adaptation
Desheeta’s professional journey is a rich tapestry woven from experiences at prominent management companies, including DTOS, GFin (subsequently acquired by Apex Group), and IQ-EQ. Each organisation, with its distinct corporate culture, operational nuances, and client portfolios, contributed profoundly to her comprehensive understanding of the fund accounting landscape and the intricate dynamics of global financial markets.
“The experience gained at the previous workplaces is indeed a lifelong experience for which I’m grateful,” Desheeta states with conviction. She reflects on her career, saying, “Adaptation to the dynamics of the industry as well as different company cultures is something I have gone through throughout my career. However, these changes were taken positively since I was learning at all stages.” Her tenure at DTOS was foundational, equipping her with fundamental knowledge and practical competencies in hedge fund accounting – expertise she still actively refines. “Initially exposed to local accounting, then gradually moving to Hedge Fund accounting, further exposed to Private Equity accounting, as of now I do have a good knowledge of the ins and outs of the different accounting aspects,” she clarifies.
The subsequent transitions, notably from GFin to Apex, offered invaluable lessons in navigating the complexities arising from mergers and acquisitions. “Somehow it felt like working in different companies,” she reflects, illustrating the constant imperative for flexibility and resilience in embracing new rules, regulations, and operational paradigms. This direct exposure to managing cultural shifts across various organisations underscored the critical importance of adaptability as a core competency for thriving in the industry.
These varied roles not only broadened her technical comprehension of diverse accounting facets – from straightforward Global Business Company (GBC) structures to the intricacies of open-ended and closed-ended funds – but also instilled in her a proactive, solution-driven approach. “Working with different team members at different levels has also helped me in fostering innovation, developing more problem-solving attitudes and being solution-driven,” she explains. Her involvement in the incorporation of Mauritius’s very first Variable Capital Company (VCC) structure at ONS FinServ further exemplifies her remarkable adaptability and deep understanding of innovative, flexible fund structures. The VCC, introduced in Mauritius in 2022, represents a “game-changer” by offering substantial flexibility, allowing multiple sub-funds to operate under a single entity while maintaining legal and operational independence – an area where Desheeta’s diverse experience proved invaluable.
A key insight she brings to ONS FinServ, honed through years of client engagement, is the evolving emphasis within the profession. While fundamental accounting prowess remains non-negotiable, the advent of technology and increasing complexity has decisively shifted the emphasis towards strategic client relationship management. Desheeta actively champions and cultivates a culture of “continuous learning and open communication” within her team, recognising these elements as indispensable for navigating an ever-changing regulatory and technological landscape, and for consistently delivering exceptional service to a discerning global clientele. This collaborative ethos, she believes, is vital for collective success.
Bridging Distances: The Art of Managing Dispersed Teams and Cultivating Talent
As Manager – Fund Accounting at ONS FinServ, Desheeta adeptly leads a team that spans geographical boundaries, including a key member based in Dubai. Managing such a geographically dispersed team presents a unique set of challenges, primarily stemming from physical distance and the inherent complexities of cross-cultural communication. However, she asserts with conviction that “effective communication being the vital part, this challenge can be easily be overcome and managed.”
Her managerial philosophy is built on a strong foundation of “courtesy across the team.” Despite the lack of physical co-location, frequent interactions, collaborative brainstorming sessions, and structured training initiatives foster a robust sense of cohesion and shared purpose. “We all work on the same time zone, as such the task planning and daily communication happens smoothly,” she explains, highlighting the alignment of time zones between Mauritius and Dubai,, mitigating potential operational friction.
Desheeta candidly acknowledges that a significant initial hurdle involved addressing a potential sense of isolation for the team member in Dubai. Her empathetic and proactive approach involved deep engagement with the individual’s work, meticulously helping them to become more acquainted with clients and thereby cultivating a profound sense of belonging. “Maintaining team cohesion for the team member in Dubai was a challenge which I have faced during the initial phase as a sense of isolation was noted,” she states. “However, while diving in more into the work and getting acquainted more to the clients, I noted that this started building a sense of belonging.” She ensures close monitoring and necessary guidance, “to make the person feel that there is necessary guidance and overtime make her more confident.” This hands-on mentorship is crucial for building confidence, ultimately enabling the Dubai-based team member to confidently take ownership of a core portfolio of clients, which in turn leads to increased efficiency and productivity for the entire team. “An increase in efficiency can also be noted once the team members settle which in turns leads to productivity rise of the entire team,” she adds.
The strategic decision to manage a dispersed team yields significant advantages for ONS FinServ, particularly in the Mauritian context. “The reward of managing such a dispersed team is that we are not limiting opportunities to Mauritian candidates only,” Desheeta highlights. “Whilst Mauritius is facing a lack of skilled resources due to Mauritians moving abroad, recruitment outside Mauritius was a wise move to ensure we have sufficient resources in order to meet the demand from our existing and new clients.” This approach not only fills a critical talent gap but also organically introduces “cross-cultural understanding and creative problem-solving ideas” within the team, profoundly enriching their collective capabilities and enhancing the organisation’s resilience in a highly competitive market.
Navigating Tomorrow: Trends, Technologies, and the Future Trajectory of Fund Accounting
The fund accounting landscape is in perpetual motion, primarily driven by rapid technological advancements and increasingly stringent regulatory frameworks. Desheeta, having witnessed and actively participated in this transformation since 2016, offers incisive observations on these profound trends and her proactive strategies for ensuring her team remains at the vanguard of these developments.
“Back in 2016 when I had joined the Fund Accounting sector, I was acquainted simply to simple GBC structures, Investment holding and Open-Ended Structures only,” she recalls. “However, over time, with the introduction of new licence types, it was a must to upgrade my knowledge in order to be in a better position to service my portfolio of clients.”
She vividly recalls a time when manual reconciliations and valuations were commonplace, laborious tasks that consumed significant time and resources. Today, these operations are largely automated by sophisticated accounting software and, increasingly, by advanced Artificial Intelligence (AI) solutions. This fundamental shift has dramatically redefined the core focus of a fund accountant’s role. While foundational accounting knowledge remains absolutely crucial, the emphasis has markedly moved away from purely transactional tasks towards higher-value activities such as strategic client relationship management, in-depth critical analysis, and proactive risk mitigation. “Even investor communication, once a manual effort, is now largely automated, thereby liberating valuable time for more strategic engagement and complex problem-solving,” she adds.
Desheeta identifies several pivotal trends that continue to reshape the profession:
- Regulatory Changes: The landscape is marked by intensified scrutiny and the pervasive implementation of global standards like IFRS 9, coupled with evolving requirements from international bodies and local regulators, notably the Financial Services Commission (FSC) in Mauritius, especially following its efforts to enhance financial oversight and address international grey-listing concerns. “Mauritius which was initially put under the grey list by FATF, which led to higher compliance monitoring and more enhanced regulations imposed by the FSC which force organisations to strengthen their compliance position across all its hierarchy structure,” she notes. This demands a deeper understanding of compliance and robust reporting.
- Technological Advancements: The widespread adoption of automation, sophisticated cloud-based solutions, and advanced software has irrevocably streamlined operations, significantly improved accuracy, and enhanced real-time reporting capabilities. AI, in particular, is not merely a tool but a transformative force, automating repetitive tasks and enabling more sophisticated data analysis and predictive insights.
- Remote Work and Digital Collaboration: The shift accelerated by the COVID-19 pandemic has permanently embedded digital collaboration tools and platforms into daily operations, facilitating seamless communication and workflow management across dispersed teams.
- Outsourcing and Shared Services: A growing number of firms are strategically outsourcing certain accounting functions or leveraging shared service models to enhance efficiency and reduce operational costs, thereby allowing internal teams to focus on more strategic, value-added initiatives.
- Focus on ESG Factors: Environmental, Social, and Governance (ESG) considerations have become not just important, but critical in investment decisions. Fund accounting is increasingly required to incorporate and report on ESG metrics, reflecting a broader commitment to sustainable investing and responsible financial stewardship.
To ensure her team remains highly informed and agile in adapting to these relentless changes, Desheeta employs a multi-faceted approach:
- Ongoing Training and Development: This involves actively encouraging team members to participate in bespoke training programmes, webinars, and workshops specifically focused on the latest industry trends, emerging technologies, and critical regulatory changes in fund accounting. This includes mandatory annual Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) training, as well as specialised IFRS, tax, and risk management courses.
- Regular Team Updates: Scheduling frequent and dedicated meetings to discuss industry developments, share critical insights, and review any changes in regulations or technology that may directly impact the team’s work, fostering a shared understanding and proactive response.
- Collaboration with Experts: Strategically engaging with external consultants or industry specialists to provide targeted insights and specialised training on highly specific topics or complex changes within the regulatory landscape.
Crucially, Desheeta stresses the enduring importance of a “critical mindset,” even amidst the burgeoning influence of technological advancements. While AI and sophisticated software can automate myriad tasks, a proficient fund accountant must possess an innate understanding of the underlying processes. “If a software is doing something, that’s it. You need to learn further,” she passionately explains. “For me, it’s good, like even if you are having AI in your workspace, you should know what is happening on the back.” She underscores that while AI can execute, human intelligence remains indispensable for identifying anomalies, rectifying issues when automated flows fail, and providing nuanced, qualitative analysis. This essential blend of technical proficiency and discerning critical thinking is paramount for sustained success in the dynamically evolving landscape of fund accounting.
Mauritius as an IFC: Opportunities, Challenges, and a Vision for the Future
Mauritius has indisputably cemented its position as a prominent International Financial Centre (IFC), and Desheeta foresees a significant and progressive evolution in the role of fund accounting within this vibrant ecosystem. The country’s tax advantages have historically been a pivotal draw for international investors, although recent governmental changes in tax assessment for various income categories are introducing a new dynamic that fund administrators must meticulously navigate.
Despite these adjustments, Desheeta maintains a steadfastly optimistic outlook regarding Mauritius’s enduring appeal and critical role as an IFC. “In terms of Mauritius being the IFC either on the front end or at the back end, I think most fund accounting will always be here. This is my perspective as an accountant,” she states with confidence, rooted in her deep understanding of the market. She believes that the robust regulatory framework, coupled with continuous innovation, will ensure Mauritius remains a preferred jurisdiction.
Opportunities for the sector are abundant and compelling, driven by a growing global demand for fund services. “As more global investors look to Mauritius for fund management and administration, there will be increased demand for fund accounting services, creating opportunities for growth in the sector,” she asserts. The ongoing diversification of investment products, including complex private equity structures, burgeoning real estate funds, and innovative venture capital vehicles, will require increasingly specialised fund accounting expertise, thereby opening entirely new avenues for skilled professionals in the field.
Mauritius’s strategic geographical location and favourable regulatory environment also present unparalleled opportunities for collaboration with leading international financial institutions and firms, significantly enhancing the global reach and competitive edge of local fund accounting services. Furthermore, the organic expansion of the fund accounting sector itself will generate substantial opportunities for talent development and career advancement for professionals within Mauritius, fostering a highly skilled and competitive workforce in the broader financial services industry.
However, challenges persist and require proactive management. “Keeping up with evolving regulations and compliance requirements can be challenging for fund accounting firms, necessitating ongoing training and adaptation to ensure adherence,” she warns. “Technological disruption,” while presenting immense opportunities for efficiency and innovation, also poses the significant challenge of requiring fund accounting professionals to continuously update their skills and adapt to new tools and systems to remain competitive.
Market volatility and broader economic fluctuations can directly impact fund performance and investor confidence, posing inherent challenges for fund accountants in managing and meticulously reporting on fund activities. Lastly, “talent retention” remains a key concern. As the sector continues its robust growth, attracting and retaining highly skilled professionals will become increasingly competitive, demanding that firms strategically invest in employee development, foster a positive and inclusive work environment, and offer competitive compensation packages.
In summary, Desheeta’s extensive journey and profound insights paint a vivid and compelling picture of a fund accounting profession in Mauritius that is undeniably dynamic, intellectually challenging, and replete with opportunities for those who are prepared. Success, she powerfully demonstrates, hinges on a proactive and agile approach to continuous learning, a deep and nuanced understanding of evolving regulatory landscapes, a strategic embrace of technological advancements, and an unwavering commitment to both uncompromising technical excellence and exemplary client relationship management.
For young professionals aspiring to forge a successful career in this specialised field, her message is both clear and inspiring: the global business sector in Mauritius offers a robust and rewarding career path for individuals willing to adapt, innovate, and cultivate a truly global and forward-thinking mindset.
