HAMILTON, Bermuda (HedgeWorld.com)--After an independent review by a well-known auditing firm, the hedge fund administrator Fulcrum Ltd. has been certified by the American Institute of Certified Public Accountants.
The firm recently obtained its Statement of Auditing Standards No. 70 (or SAS 70) certification, which means it was reviewed on the fairness of its description of controls and the suitability of those controls in achieving specific control objectives. Ernst & Young completed the examination, which was extended to the administrator's offices in Bermuda and Canada.
"It is crucial with our global client base and our worldwide operations to demonstrate adequate controls and safeguards when we host or process data belonging to our fund clients," said Gary J. Yannazzo, chief operating officer of Fulcrum U.S., New York. Mr. Yannazzo joined the firm earlier this year from the fund of funds manager Kenmar.
According to Ernst & Young, SAS 70 is becoming an industry standard in the investment management sector. Christopher Gehan, director of risk and organizational development at Fulcrum, said in a statement that the designation served as a valuable verification for auditors and customers when conducting due diligence.
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