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."