SS&C Technologies Holdings Inc. of Windsor announced Wednesday it has acquired a hedge fund administrator with offices in Bermuda and Canada.
SS&C acquired Prime Management Limited, which has $6 billion in assets under management, for an undisclosed price. The move strengthens SS&C’s position in the administration of insurance-linked securities (ILS) and the institutional funds that invest in them, the company said.
Administration includes accounting, governance, compliance and other support services to investment funds.
“Investors are looking to diversify and are attracted to ILS,” SS&C Chairman and CEO Bill Stone said in a prepared release. “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.”
Prime management Limited has, since 1997, has provided administration services to offshore hedge funds.