BNY Mellon to acquire fund management tech firm Milestone Group
BNY Mellon has entered into a definitive agreement to acquire Milestone Group, a provider of fund management technology.
The two companies formed a partnership last year to create a suite of oversight and contingent net asset value (NAV) services for asset managers and asset owners.
The New York bank has now decided to buy up the firm to expand its digital offerings and core capabilities, adding OCIO services, cash allocation and fair value control solutions to the existing suite of NAV solutions.
The firm, which currently has around $2.2 trillion in assets under management, will also utilise Milestone’s pControlTM fund and investment automation platform.
BNY Mellon’s CEO of asset servicing and head of digital, Roman Regelman, says the deal is a “significant step” as it looks to further digitise and automate core accounting and asset services.
The deal is expected to be completed in the second half of 2021. The financial terms have not been publicly disclosed.