U.S. Markets close in 3 hrs 38 mins
  • S&P 500

    4,395.64
    +41.45 (+0.95%)
     
  • Dow 30

    34,258.32
    +338.48 (+1.00%)
     
  • Nasdaq

    14,896.85
    +150.45 (+1.02%)
     
  • Russell 2000

    2,218.56
    +32.38 (+1.48%)
     
  • Crude Oil

    70.51
    -0.05 (-0.07%)
     
  • Gold

    1,768.40
    -9.80 (-0.55%)
     
  • Silver

    23.03
    +0.46 (+2.05%)
     
  • EUR/USD

    1.1696
    -0.0034 (-0.2924%)
     
  • 10-Yr Bond

    1.3360
    +0.0120 (+0.91%)
     
  • Vix

    20.87
    -3.49 (-14.33%)
     
  • GBP/USD

    1.3619
    -0.0045 (-0.3282%)
     
  • USD/JPY

    109.7800
    +0.5600 (+0.5127%)
     
  • BTC-USD

    43,797.87
    +517.37 (+1.20%)
     
  • CMC Crypto 200

    1,089.55
    +49.07 (+4.72%)
     
  • FTSE 100

    7,083.37
    +102.39 (+1.47%)
     
  • Nikkei 225

    29,639.40
    -200.31 (-0.67%)
     

BNY Mellon (BK) to Buy Milestone to Boost Digital Capabilities

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·3 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

In an effort to boost its digital offerings and core capabilities, The Bank of New York Mellon Corporation BK has agreed to acquire fund management technology provider, Milestone Group. Closing of the deal, subject to customary conditions and approvals, is expected in the second half of 2021.

The deal is anticipated to benefit BNY Mellon’s clients by providing them access to a leading platform and an array of digital solutions. Also, they will get the flexibility to choose from existing and new end-to-end solutions, which add operating model choices, product capabilities and industry connectivity.

Roman Regelman, BNY Mellon’s CEO of Asset Servicing and Head of Digital, stated, “This transaction with Milestone 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. We gain both industry-leading technology as well as the expertise that Milestone is known for globally. This is a significant step in our continuous evolution — blending leading edge technologies and services to deliver greater efficiency and value for our clients.”

Milestone’s pControl platform is an industry leader in fund and investment automation.

The executive chairman of Milestone, Geoff Hodge, said, “We're excited about becoming part of BNY Mellon and are committed to making this a seamless experience for all of our clients. We are proud of the reputation we have built at Milestone over the last two decades and the industry innovation we've delivered for asset managers, fund administrators and asset allocators including pension funds, life companies, fiduciaries and multi-asset product providers. We have made great progress collaborating with BNY Mellon to deliver best-in-class solutions, and the synergies we will be able to achieve together to provide new and exciting solutions to the industry is a thrilling opportunity.”

Notably, BNY Mellon’s global diversification efforts and prudent expense-management initiatives are expected to keep supporting financials.

So far this year, shares of the company have gained 13.9% compared with 23.8% growth recorded by the industry.

Zacks Investment Research
Zacks Investment Research

Image Source: Zacks Investment Research

Currently, BNY Mellon carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Amid the current economic scenario, acquisitions have been on the rise. Particularly, with the growing demand for investments in technology in order to remain competitive, firms are engaging in mergers. Last month, JPMorgan JPM entered an agreement to acquire a 40% ownership stake in Brazil’s full-service digital bank, C6 Bank.

Recently, Affiliated Managers Group AMG announced the acquisition of a majority equity stake in Parnassus Investments, one of the largest sustainable investing fund managers in the United States. In a bid to expand its national digital capabilities, Fifth Third Bancorp FITB has inked a definitive agreement to acquire Provide, a fintech company that specializes in handling lending and banking for healthcare providers.

Breakout Biotech Stocks with Triple-Digit Profit Potential

The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.

Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.

See these 7 breakthrough stocks now>>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

JPMorgan Chase & Co. (JPM) : Free Stock Analysis Report

Fifth Third Bancorp (FITB) : Free Stock Analysis Report

The Bank of New York Mellon Corporation (BK) : Free Stock Analysis Report

Affiliated Managers Group, Inc. (AMG) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research