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.
Recommended for you
Australia’s largest licensee has seen the biggest number of adviser losses over the past week, while the expected wave of new entrants has boosted overall adviser numbers.
Iress has increased its forecast adjusted EBITDA by $5 million for the 2023/24 financial year in light of the sale of its platform business to Praemium and hinted at a return to dividend payments.
With just 30 per cent of Australians knowing their superannuation balance to the nearest $1,000, Findex has emphasised the role of financial advice in addressing the critical super knowledge gap.
New Insignia Financial CEO Scott Hartley has detailed the impact of the Godfrey Pembroke exit and the progress in resetting its financial advice model on its latest quarterly results.
