Mainstream posts growth in FuA
Fund administrator, Mainstream Group Holdings, has posted an 11 per cent growth in funds under administration (FuA), on prior quarter, to $15.6 billion, driven by a strong organic growth across the Asia-Pacific region.
The US businesses saw FuA reach $163 billion which represented a year-on-year growth of 23 per cent.
At the same time, the firm saw its funds numbers grow to 959, up four per cent on the previous quarter.
“We have successfully developed new client relationships and continue to have a strong pipeline of new business opportunities,” Mainstream’s chief executive, Martin Smith, said.
The company said the growth was driven mainly by the three factors:
- Market movement and net inflows from existing clients of $9.2 billion;
- Transition of $5.1 billion from competitors during the quarter; and
- The launch of 38 new funds, seeded with $1.3 billion including 10 additional US private equity funds.
AUTHOR
Oksana Patron
Recommended for you
Following an extraordinary general meeting today, Dixon Advisory parent company E&P Financial Group’s shareholders have voted on its proposed delisting from the ASX.
While overall financial adviser numbers have dipped below 15,500 this week, Rhombus Advisory is experiencing growth and approaching 500 advisers in its ranks.
Iress’ Xplan continues to dominate the financial planning software market with a multitude of uses, according to Netwealth research, despite newer players battling for a piece of the pie.
ASIC has shared the percentage of breach reports related to financial advice in FY24, noting increased reporting by smaller AFSLs.
