NEW YORK, NY and LONDON and HAMILTON, BERMUDA--(Marketwire -01/11/12)- Butterfield Fulcrum, a leading independent fund services provider, is pleased to announce today that it has successfully completed an examination of its global middle and back office, fund administration solutions and services for the SOC 1 Type II Certification.
A big four audit firm has examined the design and effectiveness of specified controls and the scope of the report covered eight locations and jurisdictions in which Butterfield Fulcrum operates or has offices. The 2011 SOC 1 Report (formerly SAS 70 Type 2 reports) were prepared in accordance with the SSAE No. 16 and the ISAE 3402.
Tim Calveley, Executive Director of Butterfield Fulcrum, said: "One of our most important objectives is to demonstrate and validate industry-leading controls and processes. Building upon previous independent examinations, completed annually since 2006, we have further subjected our middle office solutions, which leverage the Paladyne suite of products, to similar rigorous testing as part of the new ISAE framework."
The independent examination consisted of an evaluation of the design and operating effectiveness of controls related to month end net asset value ("NAV") processes, investor relations processes and information technology. From a fund accounting and investor relations perspective, controls included in the examination support trade processing, price verification, reconciliations of cash and positions, NAV production and investor services. From an information technology perspective, the examination included controls related to logical and physical security, disaster recovery, data transmission, and change and problem management.
About Butterfield Fulcrum
Butterfield Fulcrum is a leading independent services provider with 25 years of experience servicing clients in the alternative investment industry. Butterfield Fulcrum provides a full service fund administration offering including front, middle and back office solutions to hedge funds, fund of funds, managed accounts, family offices, private equity and real estate funds. The company services more than 800 funds and has 10 offices in nine countries and employs over 500 people. For more information, please visit www.bfgl.com.