Prime’s ‘Important Validation’
Bermuda-based Prime Management Limited, a leading independent hedge fund administrator, announced today [Dec. 21] the successful completion of a Statement on Standards for Attestation Engagements [SSAE] No. 16 Type II examination.
This internationally recognised examination developed by the American Institute of Certified Public Accountants, replaces the Statement on Auditing Standards [SAS] 70 Type II examination which Prime successfully completed last year.
The independent examination was conducted by the audit and accounting firm, Rothstein Kass & Company, P.C., who verified and tested specific control activities regarding Prime’s Investor Relations, Fund Administration and Related General Computing Controls.
The SSAE No. 16 Type II report provides an in-depth evaluation of Prime’s system processing, user controls, information technology and fund administration procedures.
“Our firm has long recognised the critical importance that a robust operating and control environment play in providing consistently high quality fund administration services to our clients. The SSAE No. 16 Type II examination is an important validation of our processing infrastructure and provides additional confidence to those organisations that rely on Prime for fund administration services”, said Joe Kelly, founder of Prime.
The examination covered Prime’s operations in Bermuda and Canada for the period from November 1, 2010 through October 31, 2011.
Prime has been providing fund administration services to onshore and offshore hedge funds engaging in a multitude of investment strategies since 1997 andis licensed and regulated by the Bermuda Monetary Authority under the Investment Funds Act 2006.
