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Maintstream Group (ASX:MAI) - CEO, Martin Smith
CEO, Martin Smith
Source: Finance News Network
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  • Mainstream Group Holdings (MAI) Australian business has entered a five-year agreement with Pendal Group (PDL) to provide outsourced registry service
  • Under the agreement, Mainstream will provide registry services for Pendal’s Australian funds with approximately $19 billion of assets under management
  • The arrangement will provide Pendal with Mainstreams operations
  • The annual contracted fees will be approximately six per cent of the Australian revenue and three per cent of the group’s revenue
  • Mainstream is up 9.84 per cent on the market today, selling shares for 45.5 cents each, while Pendal is up 4.97 per cent, trading for $6.03 per share

Mainstream Group Holdings (MAI) Australian business has entered a five-year agreement with Pendal Group (PDL) to provide outsourced registry service.

Under the agreement, Mainstream will provide registry services for Pendal’s Australian funds with approximately $19 billion in assets under management.

The arrangement will provide Pendal with Mainstreams operations such as the deployment of automated workflow for email and paper transactions, online transacting, XPLAN reporting, Calastone, banking automation and the newly created Quoted funds functionality.

Pendal is an independent, global investment company with $86 billion in assets.

The annual contracted fees will be approximately six per cent of the Australian revenue and three per cent of the group’s revenue.

Mainstream CEO Martin Smith is proud to support a client that’s the size and quality of Pendal.

“We have made significant investments in our registry services over the last three years and look forward to partnering with Pendal to drive automation and the investor experience,” he said.

Pendal Chief Operating Officer Justin Howell said the company was impressed with Mainstream’s registry solution as well as the calibre of their clients.

“We are focused on minimising risk while improving our operational efficiency and enhancing our investor’s experience. We look forward to working with Mainstream to achieve this,” he told the market.

The transition of Pendal’s register of unitholders from its existing service providers is expected to be completed by March 2021.

Mainstream is up 9.84 per cent on the market today, selling shares for 45.5 cents each, while Pendal is up 4.97 per cent, trading for $6.03 per share at 1:10 pm AEST.

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