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June 05, 2006 at 08:00 PM
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.
