ZURICH, March 6 /PRNewswire-Asia/ -- Adveq, a leading independent private equity fund of funds investment manager with offices in Beijing, New York, Frankfurt and Zurich, today announced that the firm has passed its SAS 70 certification audit as of December 31, 2008.
The SAS 70 report (Statement on Auditing Standards No. 70) is an internationally recognized auditing standard on operational procedures and controls, which was developed by the American Institute of Certified Public Accountants (AICPA).
The certification issued by PricewaterhouseCoopers provides a formal record of Adveq's robust operational procedures and controls. This informs Adveq's clients about the how the risks that are most relevant to them are managed, for example the hosting and processing of confidential data, and provides details of the company's risk management and other processes. In line with industry trends towards improved transparency, the SAS 70 certification supports Adveq's prudent approach to managing risk and demonstrates the effectiveness of its internal financial reporting controls.
Philippe Bucher, Managing Director and Head of Resources/CFO of Adveq, said: "This certification is an important step in the development of our business and following the SEC registration we completed in 2008, is another milestone in ensuring that our clients receive the highest quality, most professional services across all of Adveq's global operations. We recognize that risk management for return generation is one of the main concerns of clients in the current market environment and believe that this external recognition of Adveq's commitment to ensuring best-practice internal controls and procedures provides important reassurance."
About Adveq
Adveq is a leading independent private equity fund of funds investment manager with offices in Beijing, New York, Frankfurt and Zurich. The company currently manages USD 4 billion of assets for its clients. These clients consist almost entirely of international institutional investors including pension funds, insurance companies, family offices and other financial services providers, that are located primarily in Europe, Asia, Australia and the United States.
