SS&C Technologies Holdings acquired Prime Management Ltd., a hedge fund administrator focusing on the insurance-linked securities market with $6 billion in assets under administration, confirmed Bill Stone, SS&C’s CEO.
Terms were not disclosed. The deal closed on Wednesday; it was not preannounced, Mr. Stone said.
Prime will become part of the SS&C GlobeOp fund administration business, which will have $550 billion in AUA, Mr. Stone said.
The acquisition of Prime will broadly expand SS&C GlobeOp’s insurance-linked securities business, he said. SS&C will retain the Prime band for an indefinite period, Mr. Stone said.
Prime is the latest acquisition of a fund administrator by SS&C. The firm acquired GlobeOp Financial Services, Gravity Financial and Hedgemetrix in 2012.
