Conifer Fund Services, LLC Receives Clean Opinion on Recent SAS 70 Type II Examination

Successful Review of Middle and Back Office Solution Highlights Status as Preferred Third Party Fund Administrator

Mar 15, 2011, 09:34 ET from Conifer Group, LLC

NEW YORK and SAN FRANCISCO, March 15, 2011 /PRNewswire/ -- Conifer Fund Services, LLC, a premier hedge fund administrator and middle office provider, received an unqualified (clean) opinion on the recently completed SAS 70 Type II examination of its middle and back office accounting and fund administration services. Conifer Fund Services Ltd, a subsidiary of Conifer Fund Services LLC, operating in Tortola, British Virgin Islands, also undertook the same examination and similarly received a clean opinion on its SAS 70 Type II. The SAS 70 Type II examination is an in-depth, independent examination of operational and information technology controls and is a crucial point of reference validating that an outsourced service provider can demonstrate consistent, secure oversight of sensitive client information.

Conifer completed its first SAS 70 Type I examination in September 2008 followed by more comprehensive SAS 70 Type II examinations for 2009 and 2010. International accounting firm, BDO USA, LLP, recently issued Conifer's SAS 70 Type II report with an unqualified opinion on its examination of applicable controls over Conifer's middle and back office accounting and fund administration services.

"Completing a successful SAS 70 Type II examination has become a prerequisite for any fund administrator operating at the highest industry standards. Clients and investors alike are increasingly requesting SAS 70 reports; Conifer is proud to have successfully completed its SAS 70 examination annually since 2008," said Jack McDonald, President and Chief Executive Officer of  The Conifer Group, LLC.  "In the hedge fund industry a SAS 70 Type II examination is a testament that Conifer is a proven fund administrator adept at protecting client data while providing business accountability and investor transparency." 

The SAS 70 Type II examination of Conifer included a thorough examination of new fund set-up, daily position reconciliation, data security, investment valuation, transaction processing, month-end process, and IT backup.  SAS 70 examinations are designed to address the effectiveness of controls that are likely to be relevant to a user entity's internal control over financial reporting.

"Conifer is a company dedicated to earning our client's trust," said McDonald.  "For Conifer, obtaining the SAS 70 Type II qualification is not just about meeting an auditing standard; rather, it is about satisfying the most demanding institutional and individual investor's expectations."

About The Conifer Group, LLC

Conifer Group, LLC, through its subsidiaries Conifer Fund Services, LLC and Conifer Securities, LLC, is a leading service provider that offers global fund accounting and administration, middle office services, execution,  corporate accounting, consulting services,  executive office space and business infrastructure.  The Conifer Group's comprehensive platform of business and operations solutions appeals to start-up and established managers and institutional investors by allowing them to focus on investments.  Headquartered in San Francisco with offices in New York and the British Virgin Islands, Conifer has been in business since 1989.

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