By acquiring Milestone, BNY Mellon will advance the digitisation and automation of core accounting and asset services, delivering increased accuracy and timeliness.
Additionally, BNY Mellon says it will 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 benefits to BNY Mellon’s clients will include bolstered resiliency and transparency, and access to an array of digital solutions.
Further benefits to clients include the flexibility to choose from existing and new end-to-end solutions that add operating model choices, strategic product capabilities and industry connectivity.
“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 optimise, scale and grow their businesses,” comments Roman Regelman, BNY Mellon’s CEO of asset servicing and head of digital.
Regelman highlights: “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.”
Meanwhile, Geoff Hodge, executive chairman of Milestone Group, adds: “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.”
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.
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