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BNY Mellon collaborates with Milestone to deliver contingent NAV calculation solutions

BNY MellonThe Bank of New York Mellon (BNY Mellon) announced a new suite of oversight and contingent Net Asset Value (NAV) calculation solutions to complement its existing fund accounting capabilities for clients. 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.

The expanded BNY Mellon capabilities leverage its recent alliance with institutional investment solutions provider Milestone Group, which is based in Sydney, and their digital investment platform pControl.

“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.”

The new services are designed to drive greater transparency, efficiency and risk management for asset managers and asset owners. In December 2019, BNY Mellon announced that Victorian Funds Management Corporation had selected its Eagle Data Management product for its comprehensive data and IT transformation strategy.

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