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Fortis's Prime Fund Solutions obtains SAS-70 certificate

www.hedgeweek.com

The fund administration services of Prime Fund Solutions, the global fund services provider of Fortis Merchant Banking, have obtained a 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.

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