BNY Mellon to acquire Milestone Group to increase automation for asset managers

Rick Steves

Acquiring Milestone is expected to bolster BNY Mellon customers’ resiliency and transparency packaged in a seamless digital experience and access to a leading platform and an array of digital solutions.

The Bank of New York Mellon Corporation has agreed to acquire fund technology provider Milestone Group one year after forming an alliance to create a suite of oversight and contingent net asset value (NAV) services.

Roman Regelman, BNY Mellon’s CEO of Asset Servicing and Head of Digital, said: “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.

“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 is most known for its pControl platform. In the hands of BNY Mellon, the investment bank will further 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.

Geoff Hodge, Executive Chairman of Milestone Group, said: “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.

“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.”

Acquiring Milestone is expected to bolster BNY Mellon customers’ resiliency and transparency packaged in a seamless digital experience and access to a leading platform and an array of digital solutions.

The flexibility to choose from existing and new end-to-end solutions that add operating model choices, strategic product capabilities, and industry connectivity is also a powerful argument in favor of the merger.

BNY Mellon delivers informed investment and wealth management and investment services in 35 countries, with $41.7 trillion in assets under custody and/or administration, and $2.2 trillion in assets under management.

BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments.

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