Bermuda-based hedge fund administrator Prime Management Ltd., announced that Fred Busk of Netherby Advisors has agreed to coordinate the business development and client service activities of Prime within the US and Europe.

In this role, Mr. Busk will have responsibility for deepening the firm's relationships with current clients, intermediaries and major industry groups.

"We expect that Fred's expertise in the areas of operations, global fund structuring, and governance will make him a key resource for our clients and of direct benefit to their businesses in a period of change within the industry," said Joe Kelly, founder and director of Prime.

"Having a resource located in the New York area will certainly be beneficial to our clients and further illustrates our commitment to providing high quality service."

Mr. Busk said: "Prime's focus on high-quality fund administration and excellent client service has long distinguished the firm. The quality of Prime's staff and the firm's established ability to handle complex products and strategies position the firm well to meet the rapidly evolving requirements of the industry."

Mr. Busk established Netherby Advisors in 1997. He was previously managing director and chief marketing officer for WP Stewart and spent 12 years with the Bank of Bermuda Group in various capacities including serving as CEO and chairman of the Bank's New York-based Trust Company, which provided fund administration to US domestic and offshore funds.

Mr. Busk was global head of Strategic Planning and Corporate Development at the time of the bank's acquisition by HSBC in 2004.