BNY Mellon to acquire fund management tech firm Milestone

BNY Mellon announced it has entered into a definitive agreement to acquire Milestone Group, a 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 expected 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.

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. Milestone’s clients include asset managers, fund administrators and asset allocators including pension funds, life companies, fiduciaries and multi-asset product providers.


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