Conifer Fund Services has successfully completed a Service Organization Controls (SOC) 1 Type II review, which focused on its divisions in the U.S. and British Virgin Islands.
The review included an examination of the firms control processes within its middle- and back-office and fund administration divisions.
SOC 1 (SSAE 16), formerly SAS 70, evaluates the effect of the controls at the service organization on the user entities’ financial statement assertions. The exam covered Confiders services from Dec. 1, 2011, to Nov. 30, 2012.
“We’re proud to see that our operational systems continue to achieve the highest standards as determined by annual expert examinations,” says Jack McDonald, CEO of Conifer. “This result is further testament to Conifer’s commitment to exceeding industry best practices by investing in operations and technology that evolve well ahead of our peer group.”
Douglas Lang, managing director and global head of Conifer Fund Services, adds: “This achievement underscores our success in developing robust products and services, including our cloud-based product offerings, that in turn provide hedge fund managers and investors great comfort in a volatile marketplace.
(CG)