SS&C Technologies, a Connecticut-based software provider, has acquired Prime Management, a fund administrator and a service provider to the insurance-linked securities (ILS) market.
Prime currently services 25 managers with $6 billion in assets under administration from its Bermuda and Canadian offices. The acquisition is intended to further SS&C's ability to administer insurance-linked securities and the funds which invest in them. This includes fund administration, accounting services specific to insurance linked securities, investor services, governance and compliance services, and advice and support to clients on best practices for establishing ILS fund structures.
"Investors are looking to diversify and are attracted to ILS," says Bill Stone, SS&C chairman and CEO. "The knowledge of the Prime team, attention to customer service, and the addition of dedicated ILS expertise is a strategic fit for SS&C's fund administration services."
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