BNY Mellon’s new NAV offerings, which are platform and provider agnostic, set a new industry standard for clients with three key features:
- NAV Review: independent NAV oversight and reporting for funds administered across multiple providers
- Oversight with Expected NAV: independently calculated per-share value of a fund that is intended to assist with the execution of control and oversight responsibilities
- Back-Up & Contingent NAV: transparency and oversight into independently calculated NAV in the event the primary account platform or provider is unavailable
Clients will benefit from enhanced controls and more efficient NAV reviews, while ensuring contingent NAV production across all asset classes in a single-provider or multiple-provider operating model.
These expanded BNY Mellon capabilities leverage its recent alliance with institutional investment solutions provider Milestone Group (“Milestone”) and their digital investment platform pControl™. This alliance builds on BNY Mellon’s efforts to create innovative and transformative solutions to better serve clients through its open architecture strategy.
As we see an increased demand for NAV oversight and backup NAV, we are pleased to provide our clients with these new solutions through our collaboration with Milestone,” said James Slater, Global Head of Business Solutions at BNY Mellon. “This is yet another example of our leadership role in solving industry challenges and commitment to delivering expanded capabilities. We remain focused on advancing our capabilities and seeking opportunities to partner with industry leaders such as Milestone to enrich and broaden the solutions available to our clients.”
We are delighted to partner with BNY Mellon to deliver enhanced oversight and contingent NAV capabilities to the investment management industry,” said Geoff Hodge, Executive Chairman of Milestone Group. “These topics have attracted increasing attention by regulators and fund boards globally, and unlike current market offerings, these solutions have been designed to encompass all of the characteristics needed to meet best practice in terms of independence and resilience during a major or multi-day outage, particularly for larger players.”
These new services are subject to relevant regulatory approvals. For additional information, please visit www.bnymellon.com/fundservices.
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 management and investment services in 35 countries. As of Sept. 30, 2019, BNY Mellon had $35.8 trillion in assets under custody and/or administration, and $1.9 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.
About Milestone Group
Milestone Group is an institutional fintech firm serving the investments industry and is recognized globally as the architect of a new class of digital enterprise and industry level solutions based on its pControl investment platform. Milestone Group provides a fresh approach to data, process and product management delivering transparency and operational agility as integrated capabilities across key investment and operational functions.
Currently supporting over $17 trillion in assets, pControl solutions are driving industry innovation for asset allocators including pension funds, fiduciaries and multi-asset product providers, and are category leaders in NAV automation and fund oversight including Backup NAV capabilities. Milestone Group’s innovative pControl SmartSourcing™ cloud delivery model provides intelligent and more flexible blended operating model choices. Clients trust Milestone Group to consistently deliver innovative and dynamic solutions backed by deep industry expertise. Additional information is available on www.milestonegroup.com. Follow us on Twitter @milestonegroup or visit our newsroom at www.milestonegroup.com/press-releases for the latest company news.