Mainstream BPO to acquire Galileo Fund Services

Australian fund administration company MainstreamBPO Limited group (ASX: MAI) has announced the acquisition of Isle of Man based fund administrator Galileo Fund Services Limited (“Galileo”) to increase its presence in Europe and expand its services to support UK based offshore funds. Galileo is a privately held specialist fund administrator and corporate service provider supporting internationally invested funds domiciled in jurisdictions such as the Isle of Man and the British Virgin Islands. Galileo will continue to provide fund and corporate services under its financial services licence issued by the Isle of Man Financial Services Authority from its existing premises in Douglas, Isle of Man. All of the Company’s employees including founding principals, Richard Bolton and Ian Dungate, and Chairman of Galileo’s Board, Peter Pell-Hiley, will remain with the combined organisation. MainstreamBPO Chief Financial Officer Justin O’Donnell said “Having established administration processing capabilities near the UK is very important to the Group in order to capitalise on the ₤1 trillion of UK managed funds domiciled offshore. “The Board believes the acquisition of Galileo will be a strong business and cultural fit for the Group given they operate PFS-PAXUS fund administration software in common with our other international businesses. We are attracted to Galileo’s established market position and knowledge, strong operational processes and the experienced management team.” said Mr O’Donnell. Galileo Managing Director, Richard Bolton said “We look forward to realising the synergies of our two businesses and are excited by the benefits and growth opportunities which will come from being part of an internationally listed company.” Read the full press release here.