Mainstream funds up 24%

Despite earlier fears a shakeup in superannuation would affect its revenue, global fund administrator Mainstream recorded $172.8 billion in funds under administration (FUA) at the end of June, 24 per cent up from the prior year. Mainstream’s FUA rose by $10 billion or 6 per cent from the previous quarter. The business reported “strong organic growth” in its Asia-Pacific and US arms.

The number of funds it now administers sits at 1,012, increasing by 24 per cent year-on-year and 53 funds up from the prior quarter. “Fund closures were more than offset by new funds including 36 additional US private equity funds and 19 new funds under custody,” Mainstream noted. The administrator added the growth in the quarter had been driven by market movements of $6.1 billion and net inflows from clients of $3.9 billion.

The rest of this article can be found at investordaily.com.au.