ISIS Fund Services Successfully Completes Service Organization Control (SOC) 1 Report (formerly known as SAS 70 Type II)

HAMILTON, Bermuda, Dec. 20, 2011 /PRNewswire/ -- ISIS Fund Services is proud to announce that it has completed an independent SOC 1 examination (formerly SAS 70 Type II) of its fund administration controls. The SOC 1 review was completed by a Big Four accounting firm in compliance with SSAE 16 and ISAE 3402. The SOC 1 report covers the period from November 1, 2010 through October 31, 2011 and consisted of an evaluation of the description of controls together with extensive testing related to fund accounting (which includes new fund set up, transaction processing, cash and position reconciliations, valuations, cash receipts and disbursements, NAV calculations, performance and management fee processing and financial statement reporting), investor services and information technology (which includes logical and physical access security, change control management, and system back-up and recovery processes).

"ISIS is committed to providing superior fund administration services to clients, both current and future, and has demonstrated this through its commitment to ensuring that its operational controls and procedures are of the highest standard. There is an increased demand amongst our clients and their investors for a SOC 1 type certification, and as such we are delighted to achieve this significant milestone," said Brian Desmond, COO of ISIS Fund Services.

About ISIS

ISIS is a specialist fund administrator providing administrative and operational support to a wide range of global investment managers adopting a diverse range of investment styles.  Our product offering specializes in hedge fund, fund of hedge funds, and private equity funds providing the global investment management industry with a comprehensive range of hedge fund services.  The Company was established as a joint venture with the ISIS Group which was founded to support The ISIS Foundation.  ISIS has offices in Bermuda and the U.S. The Company was founded by a leadership team with significant in depth knowledge and expertise in fund administration.  We have created a company that is client focused and has the ability to offer product and service tailored to meet clients' needs.  Our success is built on the stability, professionalism and expertise of a large organization combined with the flexibility, autonomy and character of a "hands on" niche provider.

ISIS Fund Services Ltd. is licensed under the Bermuda Monetary Authority Investment Funds Act 2006.

For further information about ISIS, please contact Kristin Steele on [email protected] or 704.927.1860.

SOURCE ISIS Fund Services