Mainstream board loses former ASIC executive

A former ASIC senior executive resigned from the board of Mainstream Group. The firm has also released its half-year financial results.

Financial services veteran Lucienne Layton will step down from her role as non-executive director on 15 March to focus on her other executive commitments.

Layton has served on the board since July 2015, prior to Mainstream listing on the ASX. Between 1999 and 2001, Layton served as senior executive, consumer protection for financial services.

She also has a long history of working in compliance roles, having served as compliance manager at Tyndall Australia - now Nikko Asset Management - in the early 1990s and as vice president of risk and compliance at State Street Australia prior to ASIC.

Following her time with the regulator, Layton was director of EY's compliance advisory practice and then partner at PwC's risk advisory practice. She is also a former head of BT Core Risk & Compliance and executive general manager, corporate services at Superpartners (since integrated with Link Group).

Announcing its half-year results today, Mainstream reported a 6% increase in funds under administration to $147 billion, with $8.3 billion in net inflows contributed in the six months to 31 December 2018.

The group said broad market headwinds were offset by 106 net additional funds and growth in its global hedge and private equity businesses.

In the six months, Mainstream grew the number of funds it administers by 106 and added 25 new clients; 29 of the new funds under custody are in Australia. It now looks after a record 921 funds for 368 clients.

Mainstream said it has been investing heavily in the Australian business since completing a $10.3 million capital raise in the second half of last year.

Read more: ASICMainstream GroupLucienne LaytonTyndall AustraliaBTLink GroupNikko Asset ManagementState Street AustraliaSuperpartners
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