WINDSOR, Conn., Oct. 2, 2013 (GLOBE NEWSWIRE) -- SS&C Technologies Holdings, Inc. (Nasdaq:SSNC), a global provider of financial services software and software-enabled services, today announced it has acquired Prime Management Limited (Prime), a fund administrator and a leading service provider to investment structures, sponsors and managers in the insurance linked securities (ILS) market.
Prime currently services 25 managers with US$6 billion in assets under administration (AUA) from its Bermuda and Canadian offices. Clients range from emerging managers to large institutional managers. This acquisition furthers 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. 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," said Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies. "The acquisition is well-aligned to our overall corporate strategy and will enable us to add further value to clients."
V.J. Dowling, Founder and Managing Partner, Dowling & Partners Securities, a leading insurance research firm commenting on the Insurance Linked Securities market said, "ILS products are here to stay and will gain market share from traditional reinsurance products. 2013 was the most important year in the 15 year history of the product as widespread acceptance and favorable pricing attracted new and expanded relationships. While property/casualty reinsurance has been the dominant product to date we expect expansion into other lines of (re)insurance over time."
"SS&C's financial strength, combined with its fund services business and innovative solutions will enhance the high quality fund administration services that we provide to our clients," said John Whiley, Head of ILS Administration, Prime Management Limited. "We are excited about joining the team at SS&C GlobeOp and being a leading institutional service provider in Bermuda."
About Prime Management Limited
Since 1997, Prime has been providing high quality independent fund administration services to onshore and offshore hedge funds engaging in a multitude of investment strategies. Prime is licensed and regulated by the Bermuda Monetary Authority under the Investment Funds Act 2006 and has successfully completed a SSAE 16 Type II (formerly known as SAS 70) Review Certification. For information, visit www.primebermuda.com.
About SS&C Technologies
SS&C is a global provider of investment and financial software-enabled services and software focused exclusively on the global financial services industry. Founded in 1986, SS&C has its headquarters in Windsor, Connecticut and offices around the world. Some 5,500 financial services organizations, from the world's largest institutions to local firms, manage and account for their investments using SS&C's products and services. These clients in the aggregate manage over $26 trillion in assets.
Additional information about SS&C (Nasdaq:SSNC) is available at www.ssctech.com.
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Forward Looking Statements
This press release contains forward-looking statements intended to qualify for the safe harbor from liability under the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained herein include the expected effects on SS&C of the acquisition of Prime, anticipated synergies and other strategic benefits of the acquisition, the market for ILS products and all other statements in this press release other than statements of historical fact. These statements are based on the current expectations of the management of SS&C and are subject to risk and uncertainty, which could cause actual results to differ materially from those anticipated. Such risks and uncertainties include, but are not limited to, unanticipated changes in Prime's customer relationships or the market for ILS products; the inability to integrate successfully Prime within SS&C; and changes in anticipated costs related to the acquisition of Prime. Additional factors that could cause actual results and developments to differ materially include, among others, the state of the economy and the financial services industry, SS&C's ability to finalize large client contracts, fluctuations in customer demand for SS&C's products and services, intensity of competition from competitors, delays in product development, and those risks described in the SS&C's publicly available filings with the Securities and Exchange Commission. SS&C cautions investors that it may not update any or all of the foregoing forward-looking statements.
CONTACT: Patrick Pedonti Chief Financial Officer Tel: +1-860-298-4738 E-mail: InvestorRelations@sscinc.com Justine Stone Investor Relations Coordinator Tel: +1-212-367-4705 E-mail: firstname.lastname@example.org Media Contacts Caroline Beer Metia (UK) Tel. +44 (0)20 3100 3796 Email: email@example.com Kelly Holman BackBay Communications (US) Tel: +1 212 520 1385, ext. 4 Email: firstname.lastname@example.org