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IDS acquires middle office services of Prime Administration

Tuesday, July 09, 2013
Opalesque Industry Update - IDS Group is pleased to announce that it has acquired the middle office administration business of Prime Administration.

Last year IDS and Prime launched Centro, a joint middle office administration service between Prime, IDS Group and Point 9, an international software middle office software company. In working together in the joint venture it was found that there were excellent synergies in bringing in the middle office services fully under the IDS brand.

IDS will now have a full division called IDS Middle Office Services. The division is located in IDS House, Cape Town and is providing the following services:

Trade matching
Daily position reconciliation
Cash and asset settlements
Corporate actions processing
Margin movements
Reporting including shadow P&L
NAV and counterparty risk

In addition IDS will also continue to offer and expand the Manager Support Services offered by Prime to fund managers wanting to outsource their day to day business support functions.

IDS is also delighted to inform you that the founder of Prime Services, Graeme Rate has joined IDS to run the division and will also represent the division on the IDS Group board.

Please contact me or Graeme: graeme.rate@idsfundservices.com if you require any further information. Tony Christien can also be contacted but only after his return to office on the 22nd July.

(press release) IDS

PD

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