Fortis's Prime Fund Solutions obtains SAS-70 certificate
The fund administration services of Prime Fund Solutions, the global fund services provider of Fortis Merchant Banking, have obtained an SAS-70 type I certification for its operations in the western hemisphere.
SAS-70 is an internationally recognised auditing standard. The SAS-70 certificate allows Prime Fund Solutions to disclose its control activities to clients and clients' auditors and have these examined by an independent service auditor, in this case KPMG.
Fortis says it has launched the initiative in order respond to the needs of its clients and to help them meet the requirements of the Sarbanes-Oxley Act in the US. Fortis also intends to issue a SAS 70 Type II report in the near future.
'With the disclosure of our control activities Prime Fund Solutions continues to position itself as a leading global fund administrator, committed and ready to service our clients and to be transparent about our internal control function for all clients that have to be Sarbanes-Oxley compliant,' says Erik Jens, chief executive of Prime Fund Solutions.
Prime Fund Solutions is a global services provider offering a package of integrated products, including fund administration, custody, bridge and leverage finance and hedging instruments to the alternative investment community.
Fortis Merchant Banking, the group's international wholesale bank, provides services to corporate and institutional clients in areas including foreign exchange and treasury, fixed income, energy, commodities and equities (including derivatives and structured products), corporate finance, capital markets, cash management, asset financing, project finance, private equity, structured credits and equity and debt capital markets. It also encompasses Fortis's fund administration, global custody, securities borrowing and lending and clearing services.
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