Citco announces completion of the Fund Services SOC 1 report for the 18th consecutive year

New York, 18 November 2021 – The Citco Group of Companies (“Citco”) is pleased to announce, that, for the year ended September 30, 2021, the various Citco Fund Services companies (“CFS”) have successfully received a Service Organization Control 1 (“SOC 1”) Type #2 certification from an independent auditing firm for the eighteenth consecutive year. The examination, in respect of the processes and controls within CFS, resulted in the provision of an unqualified audit opinion from an independent audit firm.

The 2021 SOC 1 Type #2 Report has been prepared in accordance with the guidelines contained in the United States Statement Attestation Standards of the American Institute of Certified Public Accountants (“AICPA”) and International Standard on Assurance Engagements (“ISAE”) 3402 and its related amendments and interpretations.

The overall scope of the 2021 SOC 1 Type #2 Report covers Citco’s operations that provide fund administration and related investor relations services for Single Manager, Fund of Hedge Funds, Private Equity and Real Assets clients, custody services that are available to CFS clients and the related IT general controls associated with these services.

As CFS looks to demonstrate its continuing commitment to internal controls, the scope of the 2021 SOC 1 Type #2 Report has been further expanded to include:

• Logical and IT controls related to the Business Process Management (“BPM”) application for clients on the Æxeo ® application;
• FX data transfer and forward calculation on the Ephesus and Æximo ® applications;
• Special Purpose Vehicle (“SPV”) accounting for Private Equity clients;
• The Yardi Voyager application, logical controls and migration of client data to the new instance for Real Asset clients;
• Logical controls and the creation of payment instructions on the Æxeo ® Treasury application;
• The systematic calculation of Investor capital calls and distributions processed by the Æxeo Investor ® application, and;
• The transfer of Investor orders data from the Æxeo Investor ® application to CitcoOne.

For 2021, the independent examination consisted of an evaluation of the design and operating effectiveness of the following controls:

From a Fund Accounting and Investor Relations perspective, the examination included (for single manager, fund of hedge, private equity, and real assets funds unless specifically stated);

• Trade processing;
• Price verification;
• Reconciliations of cash and portfolio positions;
• Middle office services for fund of hedge funds;
• Middle Office Solutions;
• Valuation;
• NAV production;
• Waterfall Calculations for private equity funds;
• Allocations; and
• Investor relations.

From a Custody perspective, the examination included:

• Client Order Placement;
• Client Trade Verification;
• Trade Document Completion;
• Settlements;
• Transfers;
• Corporate Actions;
• Securities Reconciliation;
• Cash Reconciliation;
• Static Data;
• Network Management; and
• Vault.

From an Information Technology perspective, the examination included:

• Change management;
• Backup, restoration and replication;
• Logical security;
• Physical security;
• Incident management;
• Job scheduling and system monitoring; and
• AWS Cloud Technologies.

The completion of the SOC 1 examination demonstrates the continuing commitment of CFS to quality and confidentiality, as well as further demonstrates, that CFS continues to maintain a high level of internal control.

The Citco Group of Companies welcomes any inquiries that our clients may have with respect to the 2021 SOC 1 Type #2 Report.