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."
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