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UPDATE: Butterfield Fulcrum Completes Annual SOC 1 Type 2 Attestation
By: Marketwired .
Dec. 12, 2012 01:07 PM
NEW YORK, NY and LONDON--(Marketwire - December 12, 2012) - Butterfield Fulcrum, a top five global independent fund administrator, is pleased to announce that it has successfully completed an independent examination of its global middle and back office fund administration solutions and related services for the SOC 1 Type 2 attestation.
An independent service auditor from one of the Big-4 firms examined the Description of Butterfield Fulcrum's Fund Administration, Investor Services, Fund of Fund Registration Services, Liquidity/Compliance Reporting Services & Information technology general controls throughout the period November 1, 2011 to October 31, 2012 (Description) and the suitability of the design and effectiveness of controls described in the SOC 1 Type 2 report to achieve the related control objectives stated in the Description.
The scope of the report covered seven jurisdictions in which Butterfield Fulcrum operates or has offices. The 2012 SOC 1 Type 2 Report (formerly SAS 70 Type 2 reports) was prepared in accordance with the SSAE No. 16 and the ISAE 3402 issued by the American Institute of Chartered Accountants (AICPA) and the International Auditing and Assurance Standards Board (IAASB) respectively, representing attestation under both the aforesaid standards.
The independent examination consisted of an objective evaluation of the design and operating effectiveness of controls related to net asset value ("NAV") processes, investor relations processes, liquidity and compliance reporting services and information technology functions over the aforementioned 12-month period.
From a fund accounting and investor relations perspective, controls included in the examination covered new client set-up and on boarding, front to middle-office support services encompassing security set-up, trade processing, corporate actions, price verification, reconciliations of cash and positions, expense and income processing and final NAV production/release and investor services, including fund-of-fund registration/custody functions.
From an information technology perspective, the examination included controls related to change management, logical access, problem and incident management, infrastructure maintenance and backup/recovery related procedures.
"The successful completion of attestation under ISAE 3402/SSAE 16 reaffirms our endeavor to consistently exceed client expectations and demonstrates our strong commitment to establish ourselves as a 'center of excellence' across the value chain, in internal controls over administration of alternative investments to our institutional clients across the globe"
Ken McCarney, Managing Director
Global Head of Operations
Butterfield Fulcrum Group Limited
About Butterfield Fulcrum
Butterfield Fulcrum is a top five independent fund administrator providing Real Time NAV reporting to over 850 alternative funds around the globe. By providing end-to-end processing for front, middle and back office functions, virtually any strategy and structure is supported by an extensive fault tolerant IT infrastructure. By constantly investing in people, technology and processes, the company maintains a leading presence in the alternative fund marketplace.
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