Conifer Fund Services Receives Unqualified SOC 1 Type 2 Examination Opinion, Caps Off Year of Significant Growth

Jan 28, 2014, 10:00 ET from Conifer Securities, LLC

SAN FRANCISCO, Jan. 28, 2014 /PRNewswire/ -- The Conifer Group, LLC (Conifer), a leading provider of fund administration, middle office, trading, and prime brokerage services to the hedge fund industry, announced today it received an unqualified opinion in the Service Organization Controls (SOC) 1 Type 2 examination of its Conifer Fund Services, LLC unit. The annual examination caps a year of considerable growth for Conifer, which fully deployed its cloud-based iConSM product—a portfolio accounting, aggregation and reporting platform—and rolled out a new Form PF tool in its fund administration offering.

The SOC 1 Type 2 examination was conducted in accordance with the American Institute of Certified Public Accountants (AICPA) Statement on Standards for Attestation Engagements No. 16 (SSAE 16) and evaluated the effectiveness of certain control processes in Conifer's portfolio accounting, computer processing, fund administration, and middle- and back-office service infrastructure.

Among other achievements over the last year, Conifer made several key senior-level hires for their prime brokerage, middle- and back-office, and fund administration practices. Most recently, it received record marks in the 2013 Global Custodian Hedge Fund Administration Survey, including a prestigious "Top Rated" designation for Single Strategy Managers. Jack McDonald, CEO, was also inducted last month into the Global Custodian Securities Hall of Fame as a Legend of Fund Administration.

"These results highlight Conifer's deep commitment to exceeding industry standards. With the support of robust operational and technological infrastructure, we're proud to see our firm continue to develop ahead of regulatory expectations," said McDonald. "As we move further into 2014, we look forward to continually improving our clients' experience and broadening the reach of our capabilities and expertise throughout the industry."

SSAE 16, formerly known as SAS 70, is a widely recognized reporting standard developed by the AICPA that applies to firms and their auditors. Its purpose is to evaluate the effect of controls at the service organization on the user entities' financial statement assertions. Conifer's examination, performed by the accounting firm BDO USA, LLP, covered selected controls over Conifer's services for the period from December 1, 2012 to October 31, 2013.  The exam yielded clean results—no service control exceptions—across Conifer's entire fund administration and middle-office functions.

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- and back-office operations, prime brokerage and trade 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, the British Virgin Islands, and Nova Scotia, Conifer has been in business since 1989. For more information, please visit

SOURCE Conifer Securities, LLC