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Custom House receives SAS 70 Type II Report

Dublin-based hedge Custom House Administration & Corporate Services has announced that it has become one of the first administrators to receive a Statement on Auditing Standards 70 Type II Report, a benchmark of operational excellence that is increasingly a factor when hedge fund managers are choosing service providers.

A Type II report goes one stage further than the SAS 70 Type I assessment, including not only the service organisation's description of controls but detailed testing of the controls over a period of at least six months. Custom House received its SAS 70 Type I Report in May last year, also from independent auditors Ernst & Young.

As an internationally recognised auditing standard, the SAS 70 designation enables Custom House to disclose its control activities and related objectives to clients and their auditors in a uniform report format that carries the certification of examination by an independent auditor.

'We are pleased that as one of the few hedge fund administrators with a Type II SAS 70, Custom House is at the front of the pack,' says Custom House chairman Dermot Butler. 'I am immensely proud of all the staff responsible for this impressive achievement.'

The firm's managing director David Blair adds: 'The institutionalisation of the industry has created a demand for this level of reporting standard.'

Custom House, which was also the first hedge fund administrator to receive Management Quality rating from Moody's in 2002, also has offices in Chicago and Singapore and currently administers some 325 funds for 120 investment management with total assets under administration estimated at more than USD32bn as of the beginning of this year.

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