BNY Mellon to Bolster Digital Solutions Capabilities with Planned Acquisition of Fund Management Technology Leader Milestone Group
BNY Mellon announced a definitive agreement to acquire Milestone Group, a prominent provider of fund management technology. This acquisition follows a year of collaboration to enhance oversight and net asset value (NAV) services. Although financial terms were not disclosed, the transaction is expected to close in the second half of 2021, pending approvals. Milestone's pControl platform will integrate with BNY Mellon's offerings, enhancing digital capabilities and operational efficiency for clients. The acquisition aims to optimize services for asset managers and owners, leveraging both technology and expertise.
- Enhances BNY Mellon’s digital solutions and operational efficiency through Milestone's pControl platform.
- Expands core capabilities to include OCIO services and fair value control solutions.
- Provides clients with more flexible end-to-end solutions and increased transparency.
- None.
NEW YORK, July 8, 2021 /PRNewswire/ -- The Bank of New York Mellon Corporation ("BNY Mellon") today announced it has entered into a definitive agreement to acquire Milestone Group ("Milestone"), a leading provider of fund management technology. The deal comes just over a year after the two companies formed an alliance to create a suite of oversight and contingent net asset value (NAV) services for asset managers and asset owners seeking independent oversight and backup NAV capabilities. Terms of the acquisition were not publicly disclosed. Closing of the transaction is subject to customary conditions and approvals and is expected to occur in the second half of 2021.
"This transaction with Milestone is the latest demonstration of BNY Mellon's commitment to support clients across the investment lifecycle and provide clients with open and flexible digital solutions that enable them to optimize, scale and grow their businesses," said Roman Regelman, BNY Mellon's CEO of Asset Servicing and Head of Digital. "We gain both industry-leading technology as well as the expertise that Milestone is known for globally. This is a significant step in our continuous evolution — blending leading edge technologies and services to deliver greater efficiency and value for our clients."
Milestone's pControl™ platform is widely recognized as an industry leader in fund and investment automation. By acquiring Milestone, BNY Mellon will advance the digitization and automation of core accounting and asset services, delivering increased accuracy and timeliness. It also will expand BNY Mellon's digital offerings and core capabilities — adding OCIO services, cash allocation and fair value control solutions to the existing suite of NAV solutions.
The benefits to BNY Mellon's clients will be numerous, including:
- Bolstered resiliency and transparency packaged in a seamless digital experience
- Access to a leading platform and an array of digital solutions; all supported by experienced leadership and BNY Mellon's established reputation as a long-standing trusted provider
- The flexibility to choose from existing and new end-to-end solutions that add operating model choices, strategic product capabilities and industry connectivity
"We're excited about becoming part of BNY Mellon and are committed to making this a seamless experience for all of our clients. We are proud of the reputation we have built at Milestone over the last two decades and the industry innovation we've delivered for asset managers, fund administrators and asset allocators including pension funds, life companies, fiduciaries and multi-asset product providers," said Geoff Hodge, Executive Chairman of Milestone Group. "We have made great progress collaborating with BNY Mellon to deliver best-in-class solutions, and the synergies we will be able to achieve together to provide new and exciting solutions to the industry is a thrilling opportunity."
For additional information, please visit BNY Mellon's website.
About BNY Mellon
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment and wealth management and investment services in 35 countries. As of March 31, 2021, BNY Mellon had
Contact:
Paul Patella
BNY Mellon
paul.patella@bnymellon.com
+1 212 635 1378
View original content:https://www.prnewswire.com/news-releases/bny-mellon-to-bolster-digital-solutions-capabilities-with-planned-acquisition-of-fund-management-technology-leader-milestone-group-301327635.html
SOURCE BNY Mellon
FAQ
What is the purpose of BNY Mellon's acquisition of Milestone Group?
When is BNY Mellon expected to finalize the acquisition of Milestone Group?
How does the acquisition of Milestone Group impact BNY Mellon’s clients?
What technology does Milestone Group bring to BNY Mellon?
What strategic advantages does BNY Mellon gain from acquiring Milestone Group?
