01.14.2008
Spectrum Achieves SAS 70 Type II Certification
***for immediate release ***
Chicago, Illinois January 14, 2008 - Spectrum Global Fund Administration today announced the completion of its SAS 70 Type II certification. Spectrum provides leading edge, high-quality administration, middle office and data solutions to hedge funds, fund of funds and private equity firms.
“The attainment of our SAS 70 Type II demonstrates that our technology, production, operations, procedures and controls meet the highest required standards,” stated Carol Burke, Spectrum CEO.
The SAS 70 is an internationally recognized auditing standard developed by the American Institute of Certified Public Accountants (AICPA).
There are two types of SAS 70 audits. Type I includes reports on controls placed in operations while Type II also includes tests of operational effectiveness. The scope of this examination includes transaction processing, position reconciliation, cash receipts and disbursements, pricing & reporting, month-end processes, implementation , investor relations, IT controls related to logical and physical security, data transmission, change and problem management and system back-up.
“There is a new demand and requirement for a SAS 70 Type II certification by our largest clients and their institutional investors. Our successful achievement will also save our clients and their auditors’ time and money,” said Barbara Lorenzen, Spectrum Director of Quality Control and Audit. Prior to joining Spectrum in 2007, Barbara served as the long-time, top regulatory officer for financial compliance at the Chicago Board of Trade (now CME Group).
About Spectrum Global Fund Administration LLC
Spectrum Global Fund Administration offers Middle & Back Office Outsourcing and Administration solutions to Hedge Funds, Fund of Funds and private equity firms. Through their 100% proprietary technology platform, Virtual Back Office (VBO), Spectrum provides investment managers and their investors seamless access to portfolio, shareholder and financial information. Spectrum is committed to allowing fund managers to focus on their core competencies by providing accurate and timely services. Spectrum is headquartered in Chicago with offices in New York, Cayman, and Columbus |
12.04.2007
Spectrum to Expand Relationship Management Platform
Operations Management
Spectrum Global Fund Administration is preparing to expand the coverage of its investor and customer relationship management platform. The Chicago-based firm provides service to hedge funds and funds of funds. The platform, SpectrumPlus, combines CRM technology from Salesforce.com with Virtual Back Office, Spectrum's proprietary data aggregation and reporting system. Ron Suber, president, said the service provider is working to add a tracking mechanism to the platform based on requests from clients. Specifically, Suber said clients have asked to track lockup periods for investors. The capability will be available in early January.
SpectrumPlus was launched this past summer and provides hedge funds access to a variety of data specific to funds, such as profit & loss, fees, compliance and risk, as well as providing information by investor. Suber said CRM capabilities have become a more common request from hedge funds that are looking to be more responsive to investors. "The underlying investors want to be able to call the hedge fund and say, when did I put money in? What is the performance versus the index? They want hedge funds to have that information at their fingertips now," he said. |
12.04.2007
Indy Hedge Fund Admins Adapt to Institutionalization
Operations Management
Independent hedge fund administrators are increasingly seeing the effects of the institutionalization of the hedge fund business and they are making some adjustments in order to capitalize on it. As more institutional investors plow money into hedge funds, some administrators are starting to deal directly with them to negotiate capabilities or provide assurances regarding offered services.
Ron Suber, president of Spectrum Global Fund Administration, said his firm has been proactive in some cases and has approached institutional investors regarding their needs. "We are saying, what do you need from your administrator? And we are helping them to get the data they need to help them do their business," he said. SGFA has also been approached by institutional investors asking the administrator to work with a particular hedge fund in an effort to improve service." They are helping direct the administration decision because they are helping to seed the funds," he said, adding that in most cases, the ability to handle complex investments or provide specialized reporting is what the investors are looking for. |
