Bear Stearns Asset Management (BSAM) has acquired Measurisk, a New York-based provider of risk management software, for an undisclosed sum.

BSAM teamed with minority partner ? institutional brokerage Miller Tabak + Co ? to purchase Measurisk, which has now been renamed Bear Measurisk.

Measurisk provides institutional investors and asset managers with risk transparency and risk measurement systems designed to assess, manage and communicate risk across multi-manager, multi-asset class, global portfolios.

The vendor?s third party risk products are designed to address the needs of pension plans, endowments and foundations, insurance companies, hedge funds and funds of hedge funds.

Initially established as a joint venture between Micro Modelling Associates, Morgan Stanley Dean Witter, Bank of Bermuda and XL Capital, Measurisk temporarily ceased trading last year due to insufficient sales and high overheads.

Greg Quental, president and CEO, Bear Measurisk, says the firm will continue to operate in separate facilities and use separate systems to protect client confidentiality.