SOURCE: Prime Management Limited LLC

Prime Management Limited LLC

December 16, 2010 08:23 ET

Prime Management Receives SAS 70 Type II Certification

HAMILTON, BERMUDA--(Marketwire - December 16, 2010) - Prime Management Limited, a leading independent hedge fund administrator, announced today the successful completion of a SAS 70 type II certification. The independent examination conducted by the audit and accounting firm, Rothstein Kass, verified and tested specific control procedures regarding Prime's Investor Relations, Fund Administration and Related General Computing Controls. The widely recognized SAS 70 type II report, developed by the AICPA, 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 SAS 70 type II certification 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 Statement on Auditing Standards No. 70 was established by the American Institute of Certified Public Accountants to provide an independent assessment of specific operational procedures and controls relating to service companies.

The examination covered Prime's operations in Bermuda and Canada for the period from December 1, 2009 through October 31, 2010.

About Prime Management Limited
Since 1997, Prime's experienced management team (100 years combined administration experience) has specialized in providing administration services to hedge funds. Prime has built its administration platform on four pillars -- experienced professional staff, robust technology, sound processes and a commitment to quality service delivered with integrity. Prime is an independent administrator, which is licensed and regulated by the Bermuda Monetary Authority under the Investment Funds Act 2006. For information, visit www.primebermuda.com.

Contact Information

  • Contact:
    Fred T. Busk III
    Phone: (441) 295-0329
    Email: Email Contact