A new property platform being planned for release by DomaCom has appointed MainstreamBPO to provide specialised back-office fund registry, accounting and administration.
DomaCom chief executive Arthur Naoumidis described the move as the "final building block" in construction of the platform, which is now awaiting clearance from the Australian Securities and Investments Commission (ASIC).
Mr Naoumidis told InvestorDaily that the deal allows DomaCom to focus on new developments for the platform and outsource the fund registry to MainstreamBPO. "It requires Mainstream to work with us in a way they haven't done before, so we're happy they've agreed to join us," he said.
Mr Naoumidis said he was hoping to hear from ASIC regarding licensing in the next six to eight weeks, ahead of an anticipated third quarter launch. The final phase of development will be the creation of a public company and appointment of a board, he added.
The move follows the key appointment of Perpetual as responsible entity and custodian around three weeks ago.
MainstreamBPO founder and chief executive Byram Johnston said MainstreamBPO specialises in a range of back- and middle-office administration services for the managed fund, individual managed account, share registry and superannuation administration industries.
"The product DomaCom is bringing to the market leverages several of our areas of expertise," he said.
DomaCom said it will be targeting the financial planning, accounting and mortgage broking sectors over the coming months, with an adviser accreditation program and a number of adviser presentations Australia-wide.
