ASX-listed administration provider MainstreamBPO has acquired a global fund administrator boosting its funds under administration by US$7 billion.
MainstreamBPO entered a sale agreement to purchase Irish firm Trinity Fund Administration's operations in Dublin and the Cayman Islands for US$5 million.
Trinity provides administrative and accounting, company registry, and risk and regulatory reporting services to more than 140 funds and investment vehicles.
MainstreamBPO chief executive Martin Smith said the strategy will bring "critical mass" to its operational capability and clients within Europe and the Caribbean.
All of Trinity's 30 employees will join the group, while founder and chief executive John McCann will lead MainstreamBPO's European and Cayman operations, he said.
MainstreamBPO will pay US$3.5 million in cash upfront on completion of the sale in July.
It currently serves some 631 funds with a combined FUA of $114 billion.