New York – Milestone Group, a leading provider of fund management technology, announced today its agreement to be acquired by the Bank of New York Mellon Corporation (BNY Mellon). Closing of the transaction is subject to customary conditions and approvals and is expected to occur in the second half of 2021. The union will strengthen Milestone Group’s reach and global presence with the backing of one of the world’s largest and oldest banks.
It will also leverage Milestone Group’s institutional fintech heritage, pControl digital solutions and pControl SmartSourcing™ cloud services to extend and enhance BNY Mellon’s open architecture and flexible operating model approach.
“We are attracted to BNY Mellon’s commitment to open architecture and approach to creating an operationally meaningful eco-system for clients that connects their own capabilities with those of their clients and suppliers. We have also been impressed with BNY Mellon’s visible commitment to innovation, and willingness to embrace new approaches on their journey to service clients with digital solutions. We see these as both mature and necessary conditions for success in a truly digital marketplace,” said Geoff Hodge, President and Executive Chairman of Milestone Group.
Milestone Group is committed to changing the way that the industry consumes digital funds technology for the benefit of market participants and end investors. The acquisition will unlock significant opportunities and client benefits and accelerate product innovation and service enhancement in both firms.
Milestone Group will remain committed to supporting its clients as it does today and will continue its focus on delivering ongoing product innovation through applied research and development.
Further details provided on BNY Mellon’s Newsroom
About Milestone Group
Milestone Group is an institutional fintech firm serving the investment 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. Institutional asset owners, fund managers and fund administrators utilize pControl solutions to support over $20 Trillion in assets for mission critical business functions and related data services spanning asset allocation, oversight and contingent NAVs, NAV automation and fund processing. Additional information is available on www.milestonegroup.com. Follow us on LinkedIn @milestonegroup or visit our newsroom at www.milestonegroup.com/press-releases for the latest company news.
About BNY Mellon
The Bank of New York Mellon Corporation, commonly known as BNY Mellon, is a multinational American investment banking services holding company headquartered in New York City. BNY Mellon was formed from the merger of The Bank of New York and the Mellon Financial Corporation in 2007. It is the world's largest custodian bank and asset servicing company, with $2.2 trillion in assets under management and $41.1 trillion in assets under custody as of December 31, 2020. It is considered a systemically important bank by the Financial Stability Board. Through its Bank of New York predecessor, it is one of the three oldest banking corporations in the United States, and among the oldest banks in the world, having been established in June 1784. Additional information is available on www.bnymellon.com.