Magellan renews fund administrator

Magellan Asset Management has renewed its fund administration agreement for another five years.

Mainstream has provided administration services to Magellan since 2007.

Magellan has extended the contract for the next five years with an automatic renewal for the five years after that.

As a part of the agreement, Mainstream will provide fund administration services for $71 billion in funds under administration at Magellan which has over $80 billion in total.

This includes unit registry, investment administration, fund accounting and middle office services across a large number of Magellan's funds and mandates.

"The signing of this agreement reflects the long-standing relationship between Magellan and Mainstream," Mainstream chief executive Martin Smith said.

"We will continue to invest in the partnership and provide enhancements to Magellan's investor experience and product requirements as a part of the renewal."

Mainstream has 383 clients, 959 funds with $162.8 billion in total funds under administration at March end.

It expects its FY19 revenue to be $46 million, up 22% from the previous financial year, according to market guidance provided on May 30.

Read more: MagellanMainstreamMagellan Asset ManagementMartin Smith
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