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:
"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 $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. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.
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SOURCE BNY Mellon