Bank of New York Mellon in New York has agreed to buy Milestone Group, a company that provides fund management technology.
The $460 billion-asset BNY Mellon said in a press release Thursday that it expects to complete the acquisition in the second half of this year. The company did not disclose the price it will pay.
BNY Mellon and Milestone formed an alliance more than a year ago to create a suite of oversight and contingent net asset value services for asset managers and other clients.
The acquisition “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,” Roman Regelman, CEO of asset servicing and head of digital at BNY Mellon, said in the release.
“We gain both industry-leading technology as well as the expertise that Milestone is known for globally,” Regelman added. “This is a significant step in our continuous evolution — blending leading edge technologies and services to deliver greater efficiency and value for our clients.”