Mainstream Group Holdings (ASX:MAI) has announced that Pendal Group (ASX:PDL) has entered into a five plus five year agreement with Mainstream’s Australian business to provide outsourced registry services.
The decision follows a competitive tender process, with the transition project commencing May 2020. Under the arrangement, Mainstream will provide registry services for Pendal’s Australian funds with approximately $19 billion of assets under management.
The arrangement will provide Pendal with Mainstream’s existing operating model for other large fund managers, including deployment of automated workflow for email and paper transactions, online transacting, XPLAN reporting, Calastone, banking automation and the newly created Quoted funds functionality.
Shares in Mainstream Group Holdings (ASX:MAI) are trading 13.25 per cent higher at 47 cents.