Pendal Group has entered into a five plus five-year agreement with Mainstream Group’s Australian business to provide outsourced registry services for Pendal’s $19 billion assets under management.
An announcement to the Australian Securities Exchange (ASX) said the arrangement would provide Pendal with Mainstream’s deployment of automated workflow for email and paper transactions, online transacting, XPLAN reporting, banking automation, and a newly-created quoted funds functionality.
Pendal Australia’s chief operating officer, Justin Howell, said: “We are focused on minimising risk while improving out operational efficiency and enhancing out investor’s experience. We look forward to working with Mainstream to achieve this”.
The transition project commenced this month and the transition of Pendal’s register of unitholders from its existing services providers was expected to be completed by March, 2021.