The ISAE 3402 assurance provides an independent assessment of assertions for the design and operational effectiveness of Deutsche Bank's internal processes and controls on the dbSelect platform.
The assurance was provided by PricewaterhouseCoopers and the scope of the assurance, performed in accordance with ISAE 3402, also incorporated elements of Deutsche Bank’s No. 1 ranked Foreign Exchange business.
Developed by the International Auditing and Assurance Standards Board, the ISAE 3402 standard is one of the most widely recognised standards used by accounting firms to independently assess management’s assertions about performance and controls. The ISAE 3402 supersedes the Statement on Auditing Standards No. 70, known as SAS-70 which was retired in June 2011, for international assessments.
This ISAE 3402 assessment confirms that dbSelect has designed, implemented and is operating effective internal controls in order to ensure the transparency and accuracy of the Deutsche Bank dbSelect Client Index return calculation, which is Deutsche Bank’s calculation of the client’s investment valuation. This verifies to investors and managers that a high degree of operational control is in place and gives investors confidence in the quality of Deutsche Bank’s operational infrastructure.
Deutsche Bank's Global Head of dbSelect, Hans Jacob Feder said: “We are proud to be demonstrating the effectiveness and transparency of our control environment through the completion of the ISAE 3402 assurance. Investor and manager feedback has been extremely positive at a time when investors are requiring increased due diligence when investing in hedge fund strategies."
Deutsche Bank's Product Head of dbSelect Platform Effie Datson said: "The independent assurance underscores the market-leading nature of the dbSelect platform, simplifying the due diligence process and enhancing the confidence of market participants in our offering.”
The dbSelect platform is Deutsche Bank’s market-leading platform for accessing liquid hedge fund strategies, such as managed futures, CTAs, currency, global macro, volatility arbitrage and commodity strategies. With more than 150 hedge fund programmes to choose from, daily liquidity and a highly efficient cost structure, dbSelect has attracted more than $5bn in Assets under Management from Pension Funds, Sovereign Wealth Funds, Fund of Funds, Private Banks, Insurance Companies and others.
For further information, please call:
Deutsche Bank AG
Name : Nick Bone
Phone: +44 (0) 207 547 2603