MainstreamBPO acquires UK fund administrator

Company News

by Jessica Ellerm

MainstreamBPO Limited (ASX:MAI) has announced it has acquired Isle of Man based fund administrator Galileo Fund Services Limited as it looks to increase its presence in the UK and broader EU region.

Galileo has $1.1 billion of funds under administration and was privately held.

MainstreamBPO has indicated Galileo’s revenues are expected to contribute a 5 percent annualized increase to the Group’s forecast revenue in FY17.

Galileo’s founding principals and team will remain on with the business, with no wholesale changes expected to current operations.

MainstreamBPO Limited reported a net profit of $1 million at 30 June 2016.

Jessica Ellerm

Finance News Network
Jessica joined FNN in April 2016 and presents the Australian Share Market Outlook, and reports on the morning's leading business stories. Alongside FNN Jessica is a fintech industry commentator, writing for her own blog and a number of international online publications.