Mainstream Group Holdings Limited (Mainstream) announced Magellan Asset Management Limited (Magellan) has renewed its administration services agreement with Mainstream Fund Services Pty Ltd.
The renewed agreement would be for an initial term of five years with an automatic renewal for a further five years but may be terminated on 12 months’ written notice.
Mainstream had provided administration services to Magellan since 2007 covering unit registry, investment administration, fund accounting and middle office services across many of Magellan’s funds and investment mandates.
Martin Smith, Mainstream’s chief executive, said the signing of the agreement reflected the long-standing relationship between Magellan and Mainstream.
“We will continue to invest in the partnership and provide enhancements to Magellan’s investor experience and product requirements as part of the renewal,” Smith said.