Bermuda-based hedge fund administrator Prime Management Ltd. has announced today a deal to service three new risk-linked investment (RLI) portfolios for Elementum Advisors LLC.

Elementum, a Chicago-based alternative investment manager specialising in risk-linked investments, will manage the portfolios and Prime will provide portfolio accounting and fund administration services.

John Whiley, a principal of Prime, which specilises in providing services to the alternative investment industry, said: "We are delighted to have been selected by Elementum to support them in the continued growth and expansion of their RLI business. Prime has been servicing RLI portfolios since 2002 and we are committed to being the administrator of choice for the RLI industry."

Tony Rettino, founding principal of Elementum, said: "As a specialist provider of accounting and administration services to RLI funds and managed accounts, Prime is well qualified to service these portfolios and is an integral partner in the continued growth of our RLI business."

Prime and Elementum will both be participating in the 8th Annual Insurance Linked Securities Summit to be held in Bermuda between tomorrow and July 16.