MainstreamBPO Buys Fundadministration as Part of Expansion
The deal is expected to bring MainstreamBPO's funds under administration to $94 billion.
Fundadminsitration oversees 140 funds for 45 clients with $5 billion in funds under administration. The deal is expected to close by the end of September.
The acquisition will increase MainstreamBPO's FUA to $94 billion, the firm said in a filing to the Australian Stock Exchange. All of Fundadministration's staff will be joining MainstreamBPO, with chief executive officer Denise DePaolo joining the executive team to lead MainstreamBPO's US operations.
MainstreamBPO chairman and managing director Byram Johnston said that there are synergies between the two firms.
"There are strong synergies and like-minded values between our business with each focused on delivering high client service levels to our clients," he said.
Buying Fundadministration is expected to bolster MainstreamBPO's current business in Asia and Australia. MainstreamBPO wants to combine its business in North America and the Caribbean, a market it said accounts for $2.3 trillion in hedge fund manager assets out of New York.
The deal was for an undisclosed amount.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: https://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Emerging Technologies
Waters Wavelength Ep. 336: Tokenization mania
This week, Tony and Shen talk about the topic that everyone seems to be talking about...tokenization.
Finos’ orchestration platform, digital asset hype, OMS news and more
The Waters Cooler: ISI’s sovereign debt footprint, Bolsa Mexicana’s modernization efforts, Franklin Templeton’s DeFi play, and more.
BlackRock and DRW execs bullish on tokenization potential
DRW’s Don Wilson expects every instrument to be traded on-chain in five years’ time.
Barclays carefully studying stablecoins
CEO CS Venkatakrishnan called the class of digital assets “broad and fascinating,” but urged peers to consider how it fits into the current banking deposit framework.
How an asset manager employs analytics to evaluate performance
Channing Capital, an institutional investment firm managing nearly $5 billion in assets, uses Aapryl to analyze its performance.
Nasdaq looks to ramp up tokenized securities efforts
Nasdaq CEO Adena Friedman wants to see tokenized securities come to the US markets “in a staged process.”
Franklin Templeton’s great DeFi migration
TradFi’s money and DeFi’s tech will inevitably combine, says the asset manager’s futurist-in-residence.
S&P’s $1.8 billion buy, an FIA restructure, a tokenization craze, and more
The Waters Cooler: CAIS creates CAISey, BNY deploys EquiLend, and more in this week’s news roundup.
