Adveq achieves SAS 70 Type II certification and announces two senior hires

Zurich, Switzerland, March 16, 2010 – Adveq, an independent private equity fund of funds investment manager with offices in Beijing, New York, Frankfurt, and Zurich, today announced that the firm has successfully passed a SAS 70 Type II examination conducted by PricewaterhouseCoopers. Adveq also announced the appointment of Tomas Hricko, 38, as Head of Product Management and Development and Alexandre de Vaivre, 40, as Head of Client Relations Europe.

SAS 70 (“Statement on Auditing Standards No. 70: Service Organizations”) is an internationally recognized auditing standard which was developed by the American Institute of Certified Public Accountants (AICPA) to provide service organizations with the opportunity to subject their internal controls to an independent examination. At the beginning of 2009 Adveq successfully passed a SAS 70 Type I examination of the firm’s operational procedures and controls related to its investment management services and operations as of December 31, 2008. Subsequently, the company entered into a rigorous SAS 70 Type II examination process which covered the controls related to the firm’s investment management, fund administration, and information technology practices that had been in operation during a six month audit period from June 1, 2009, to November 30, 2009.

The SAS 70 Type II opinion issued by PricewaterhouseCoopers, who conducted the examination, not only confirms the fairness of the description and the suitability of the design of Adveq’s internal controls but also their operating effectiveness in the examination period. These controls are described in a SAS 70 Type II report which Adveq published today and which is designed for the use of the firm’s clients and their auditors.

Philippe Bucher, Managing Director and CFO at Adveq, said: “Adveq strives to provide its clients with high quality service across all of its global operations. The successful completion of a
second SAS 70 examination process, performed by PricewaterhouseCoopers, is further evidence of this. We see it as an external recognition of Adveq’s commitment to remaining at the forefront of best practice industry standards.”

Adveq also announced the arrival of two new hires on senior level to the company:

  • Tomas Hricko, 38, joined on February 1, 2010, as Executive Director, heading the newly created department for Product Management and Development. Tomas has spent most of his career to date in the Alternative and Quantitative Investment unit of UBS Global Asset Management. He holds a PhD in Economics from the University of Lausanne (Switzerland) and a Masters degree in Economics from the University of Basel (Switzerland).
  • Alexandre de Vaivre, 40, joined on March 8, 2010, as Executive Director and Head of Client Relations Europe. Alexandre has been working in high-level positions in the equity derivatives and equity financing area at BNP Paribas and Société Générale since 1993. He graduated from the EDHEC Graduate School of Management in Lille (France).

Philippe Bucher, Managing Director and CFO at Adveq, commented: “The successful growth of our firm requires a broadening of our management capability and the addition of complementary skills. In Tomas and Alexandre, we have found two highly experienced senior managers who will help us to continue building our global franchise and continue to advance the service we offer to clients.”

About Adveq
Adveq is an independent private equity fund of funds investment manager with offices in Beijing, New York, Frankfurt and Zurich. The firm currently manages USD 4 billion of assets for its clients. These clients consist 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.

Further information

Stefan Bannwart
E-mail: sb(at)stefanbannwart.com
Tel.: +41 (0)58 445 55 55

Manon Bonfranchi
E-mail: manon.bonfranchi(at)adveq.com 
Tel.: +41 (0)58 445 55 5