FINANCIALBPO WINS ANZ UNIT REGISTRY CONTRACT FinancialBPO Pty Ltd (“FBPO”) a wholly owned subsidiary of Powerlan Limited has entered into a 2 year agreement with Australia and New Zealand Banking Group Ltd (“ANZ”) to provide unit registry services to support the strong growth of its custody business. ANZ Custodian Services is currently the custodian for over $80 billion of assets under custody. Under the agreement FBPO will deliver full unit registry services to ANZ Custodian Services. . The scope of services include: call centre, application and redemption processing, advisor commissions, management fees, distributions and client reporting. The contract value in Year 1 is not substantial for the Powerlan Group (as transition of clients is staggered) however the contract is a strategic milestone for FBPO as it will increase its funds under management from $1.5bn to approximately $8bn and strategically positions FBPO to compete as a mainstream player in the funds administration industry. The deal will increase FBPO’s revenue by 10% in addition to the 50% annualized revenue growth already achieved over the last year. FBPO Management is in final negotiation with two other major financial institutions with contracts expected to be signed over the next couple of weeks.
For more information contact: Dr Tomislav Matic Chief Executive Officer Powerlan Limited Phone: (02) 9925 4600 [email protected] www.powerlan.com
PWR Price at posting:
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