SAN FRANCISCO, Feb. 25, 2013 /PRNewswire/ -- Conifer Fund Services, LLC, a leading provider of middle office and fund administration services, announced today it has successfully completed a Service Organization Controls (SOC) 1 Type II review, which dealt primarily with the Conifer Fund Services divisions in the U.S. and British Virgin Islands. Importantly, the review's comprehensive scope included an exception-free examination of Conifer's control processes within Conifer's middle/back office and fund administration divisions.
"We're proud to see that our operational systems continue to achieve the highest standards as determined by annual expert examinations," said 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."
SOC 1 (SSAE 16), formerly SAS 70, is a reporting standard developed by the American Institute of Certified Public Accountants (AICPA) that is specifically intended to meet the needs of the managements of user entities and the user entities' auditors, as they evaluate the effect of the controls at the service organization on the user entities' financial statement assertions. The examinations, performed by the accounting firm BDO USA, LLP, covered selected controls over Conifer's services for the period from December 1, 2011 to November 30, 2012.
"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," added Douglas Lang, Managing Director and Global Head of Conifer Fund Services.
About The Conifer Group, LLC
The Conifer Group, LLC is a leading provider of services to the hedge fund industry that includes global fund accounting and administration, middle office, prime brokerage and execution services. Conifer's comprehensive platform of business and operations solutions appeals to both start-up and established managers by allowing them to focus exclusively on asset gathering and investing. Headquartered in San Francisco and with offices in New York and the British Virgin Islands, Conifer has been in business since 1989. For more information, please visit http://www.conifer.com.
SOURCE The Conifer Group