London headquartered specialist insurance linked securities (ILS) and reinsurance investments manager Securis Investment Partners has appointed Citco Fund Services as the sole fund administrator for its portfolio of ILS funds.
With around $3.3 billion of ILS assets under management, Securis is among the largest ILS managers in the world. Citco is one of the largest providers of fund administration services, with more than $850 billion of assets under administration.
Vegard Nilsen, Chief Operating Officer at Securis, commented; “Having worked with Citco in the past, I am very excited about our partnership. I am confident that Citco’s expertise, technology and commitment to exceptional client service makes them the right partner to work with, as we continue to develop and reinforce our position as one of the leading ILS managers.”
Securis has grown to become one of the largest players in ILS in around ten years, having launched its first fund with around $25m in 2005 and now grown to become a multi-fund ILS manager with $3.3 billion now managed.
Nilsen added; “We are witnessing a fund administration industry that is experiencing significant consolidation and have concluded that our business is best served by a fully independent and well established Fund Administrator as we continue to grow. As a client we demand stability, continuity, state of the art technology and all round best in class service. In appointing Citco we believe we have achieved exactly that.”
Citco will provide a fund administration solution which includes accounting, operations, investor relations, middle office and financial reporting. All fund administration services are expected to be handed over to Citco Fund Services by 1st August 2015.
William Keunen, Global Director of Citco Fund Services commented; “We are delighted to have been chosen by Securis Investment Partners LLP as the fund administrator to their range of ILS funds. We look forward to supporting Securis as they continue to grow their business. We believe our continued focus and investment into hedge fund administration will help Securis build on their success of the past decade.”