Mainstream Fund Services has been appointed by Redpoint Investment Management, the Sydney-based fund manager, to provide middle-office services, under a three-year deal.
The transition from Redpoint’s existing provider to Mainstream is expected to be completed by March 2020.
Mainstream will provide trade management and instructions, position keeping, shadow valuations and post-trade compliance for $10 billion of assets managed by Redpoint.
The services will be provided by Mainstream across teams in Australia and Hong Kong, highlighting Mainstream’s global operating model.
Mainstream CEO Martin Smith commented: “We are seeing an emerging trend for the outsourcing of middle-office services with managers wanting to focus on front-office activities, including research, performance, product manufacturing and distribution.”
Smith added that the opportunity to work with Redpoint “gives us significant scale to compete using best-of-breed technology to enable efficiency”.
