BNY Mellon has entered into a definitive agreement to acquire Milestone Group, a U.S.-based provider of fund management technology, including the widely adopted pControl platform. The deal comes just over a year after the two companies formed an alliance to create a suite of oversight and contingent NAV services for asset managers and 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.
With the acquisition of Milestone, BNY Mellon plans to advance the digitisation 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 its existing suite of NAV solutions.