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Conifer completes SOC 1 Type 2 examination


Conifer Financial Services, a provider of fund administration, middle office, trade execution, and prime brokerage services to the asset management industry, has received an unqualified opinion in the Service Organisation Controls (SOC) 1 TYPE 2 (SSAE 16) 2014 examination of its fund administration entity, Conifer Asset Solutions. 

Notable among the reports is the laudable lack of exceptions achieved by the business sector pertaining to Fund Services and Middle Back Office.

The SOC 1 Type 2 examination was conducted in accordance with the American Institute of Certified Public Accountants (AICPA) Statement on Standards for Attestation Engagements No. 16 (SSAE 16) and evaluated the effectiveness of certain control processes in Conifer's portfolio accounting, computer processing, fund administration, and middle- and back-office service infrastructure.

This successful audit completes a transformational year for Conifer. Last May, the firm completed its merger with Vastardis Capital Services Holdings LP to form Conifer Financial Services LLC, now making it one of the largest independent asset services firms, offering expanded capabilities to clients on a global scale.

"We had predicted that the combination of the two firms would yield significant benefits for our clients and employees. The results achieved thus far by Conifer serve to highlight our commitment to exceeding industry standards and regulatory expectations," says Jack McDonald, Conifer's CEO and President. "The merger has allowed us to broaden our scale and going into 2015, with the support of robust operational and technological infrastructure, we aim to further expand the reach of our capabilities and expertise throughout the industry in service to our clients' needs."

SSAE 16, formerly known as SAS 70, is a widely recognised reporting standard developed by the AICPA that applies to firms and their auditors. Its purpose is to evaluate the effect of controls at the service organisation on the user entities' financial statement assertions. Conifer's examination, performed by the accounting firms BDO USA, LLP and Grant Thornton LLP, covered selected controls over the legacy entities (Conifer Fund Services and Vastardis Fund Services, respectively) for periods ended 31 October, 2014. Conifer's 2015 audit will cover the combined operations of the newly merged firms.

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