SOURCE: Prime Management Limited LLC

Prime Management Limited LLC

December 21, 2011 08:52 ET

Prime Management Successfully Completes (SSAE) No. 16 Type II Examination

HAMILTON, BERMUDA--(Marketwire - Dec 21, 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 Information