News Room
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Prime Management Successfully Completes (SSAE) No. 16 Type II Examination
Posted on December 20th, 2011 by Prime
HAMILTON, BERMUDA- December 16, 2011 – Prime Management Limited, a leading independent hedge fund administrator, announced today the successful completion of a Statement on Standards for Attestation Engagements (SSAE) No. 16 Type II examination. This internationally recognized examination developed by the American Institute of Certified Public Accountants, replaces the SAS 70 Type II examination which Prime successfully completed last year. The independent examination was conducted by the audit and accounting firm, Rothstein Kass & Company, P.C., who verified and tested specific control activities regarding Prime’s Investor Relations, Fund Administration and Related General Computing Controls. The (SSAE) No. 16 Type II report provides an in-depth evaluation of Prime’s system processing, user controls, information technology and fund administration procedures.
“Our firm has long recognized the critical importance that a robust operating and control environment play in providing consistently high quality fund administration services to our clients. The (SSAE) No. 16 Type II examination is an important validation of our processing infrastructure and provides additional confidence to those organizations that rely on Prime for fund administration services”, said Joe Kelly, founder of Prime.
The examination covered Prime’s operations in Bermuda and Canada for the period from November 1, 2010 through October 31, 2011.
About Prime Management Limited
Since 1997, Prime has been providing high quality fund administration services to onshore and offshore hedge funds engaging in a multitude of investment strategies. Prime is a true independent administrator with a strong culture of compliance. Prime is licensed and regulated by the Bermuda Monetary Authority under the Investment Funds Act 2006. Prime’s independence and focus on delivering efficient service with integrity make it the partner of choice for discerning managers. For information, visit www.primebermuda.com.
Contact:Joe Kelly
Phone: (441) 295-0329
Email: joekelly@primebermuda.com -
Prime Management Scores 6.70 out of 7 in Global Custodian’s 2011 Hedge Fund Administration Survey
Posted on August 25th, 2011 by Prime
Hamilton, Bermuda, August 2011 – Prime Management Limited, a leading fund administrator, has excelled in the annual Global Custodian Hedge Fund Administration Survey, achieving an overall score of 6.70 out of 7 and receiving “Best in Class” awards in over 90% of its eligible categories. This is the third consecutive year that Prime has been recognized by the survey for the quality of its client service and the specialized knowledge of its staff.
Both these elements are evident in the remarks of the firm’s clients quoted by the survey such as, “Their team is terrific. Very responsive, accessible, professional and accurate. I value their services every day. I could not get the high-touch service that I get from Prime from a larger provider.”
Joe Kelly, Director of Prime stated, “We are thrilled at the excellent overall score we received in this year’s Global Custodian survey and are particularly gratified by our continued recognition as excelling in the category of client service, a reflection of the commitment of all of our staff to provide the highest possible service to our clients.”
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 SAS 70 Type II Review Certification. For information, visit www.primebermuda.com.
Contact: Joe Kelly
Phone: (441) 295-0329
Email: joekelly@primebermuda.com
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Prime Sponsors CATCo in Secondary Listing to the Bermuda Stock Exchange
Posted on May 26th, 2011 by Prime
CATCo Reinsurance Opportunities Fund Ltd. Receives BSX Approval for the Secondary Listing of 87,642,000 Ordinary Shares and 124,446,737 Class C Shares
Hamilton, Bermuda: May 25, 2011 – The Listing Committee of the Bermuda Stock Exchange (BSX) today announced the approval of the Secondary Listing of 87,642,000 Ordinary Shares and 124,446,737 Class C Shares of CATCo Reinsurance Opportunities Fund Ltd., effective May 20, 2011. The Primary listing is on the London Stock Exchange’s Specialist Fund Market.
CATCo Reinsurance Opportunities Fund Ltd. (the “Company”) is a limited liability closed-ended fund, registered and incorporated as an exempted mutual fund company in Bermuda. The Company provides the opportunity to invest in a diversified set of catastrophe reinsurance risks, principally by investing in fully collateralised Reinsurance Agreements.
The listing of both the Ordinary Shares and the Class C shares of the Company was sponsored by Prime Management Limited which is licensed as a fund administrator by the Bermuda Monetary Authority under the Investment Funds Act 2006.
Greg Wojciechowski, President & CEO of the BSX stated, “I am delighted to welcome CATCo Reinsurance Opportunities Fund Ltd. to secondary listing on the BSX. At the BSX, we have worked very hard to deploy a state of the art internationally recognized listing and trading platform in Bermuda. As the insurance and capital market industries continue to move closer together, it is very apparent that Bermuda and the BSX can act to accelerate convergence. That said, I look forward to working with the Bermuda insurance industry to bring to market new and exciting products that are listed and traded on the BSX in Bermuda.”
Jason Bibb, Director & COO of CATCo Investment Management Ltd, added: “We are extremely pleased to add a secondary listing on the BSX, which brings significant value for our institutional and private client investors and highlights our support for the continued development of the local marketplace.”
John Whiley, representing Prime Management Limited stated: “We are pleased to have been able to assist CATCo Reinsurance Opportunities Fund Ltd. with their listing on the BSX. As a fund administrator and listing sponsor which is active in servicing the risk-linked investment community, we are very excited to see the continued growth and innovation in risk-linked investments”.
For further information on CATCo Investment Management Ltd. please contact: Mr. Jason Bibb at 441-531-2227 or by email: jason.bibb@catcoim.com
For more information on the Bermuda Stock Exchange (BSX), contact Bruce McMartin at 1-441-292-7212 or bmcmartin@bsx.com. Information is also available at www.bsx.com on Bloomberg at BSX <GO>.
Established in 1971 the Bermuda Stock Exchange (BSX) is now the leading fully electronic offshore securities market. The BSX specializes in listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants and Insurance Linked Securities.
The BSX, recognised by the US SEC as a Designated Offshore Securities Market, is a member of the World Federation of Exchanges and is located in an O.E.C.D. member nation. The BSX has Approved Stock Exchange status under Australia’s Foreign Investment Fund (FIF) taxation rules; Designated Investment Exchange status by the UK’s Financial Services Authority; Recognised Stock Exchange by the UK HM Revenue and Customs; and is a member of America’s Central Securities Depository Association.