Mainstream Group grows funds under administration by 6% in challenging market
Monday, 11 February 2019 Mainstream Group Holdings Ltd (ASX:MAI) has grown its funds under administration by 6% in the half-year to December 31. The company had net inflows of $8.3 billion in the six-month period, with broad market declines offset by 106 net additional funds and growth in funds under administration in the global hedge and private equity businesses. Mainstream chief executive officer Martin Smith said the company was pleased to report considerable resilience against the backdrop of a volatile period in global markets. He said: “We still experienced positive inflows and our funds under administration is up 10% over a twelve-month period. “We also grew our number of clients and funds administered to record levels.” Growth in private equity funds Funds administered by the company grew by 106 funds and 25 new clients to a record 921 funds for 368 clients. This growth was driven by the onboarding of 40 new private equity funds in the US and 29 new funds under custody in Australia. Mainstream has invested heavily in these businesses following its $10.3 million capital raise in September last year. The company earns revenue based on long-term contracts with clients, with fees usually calculated based on a combination of the fund’s size or the number of transactions and investors. Services to more than 104,000 investors Mainstream provides fund and superannuation administration services underpinned by investment in people, processes and technology. The company provided administration services to 921 funds and more than 104,000 investors at the end of last year, with asses under administration equal more than $147 billion. Mainstream employs 256 people with operations in Australia, Singapore, Hong Kong, the US, the Isle of Man, Malta, Ireland and the Cayman Islands.
WASHINGTON — President Donald Trump has hinted that he might declare a state of emergency to bypass Congress and get funding for his wall, just days before the February 15 deadline.
The Atlantic reports that under the National Emergencies Act of 1976, President Trump can declare a national...