The Bank of New York Mellon Corporation has today announced a new suite of oversight and contingent Net Asset Value (NAV) calculation solutions to complement its existing fund accounting capabilities for clients. It says these new services are designed to drive greater transparency, efficiency and risk management for asset managers and asset owners.

The offerings, which are described as platform- and provider-agnostic, set a new industry standard for clients with three key features:

· NAV Review: independent NAV oversight and reporting for funds administered across multiple providers

· Oversight with Expected NAV: independently calculated per-share value of a fund that is intended to assist with the execution of control and oversight responsibilities

· Back-Up & Contingent NAV: transparency and oversight into independently calculated NAV in the event the primary account platform or provider is unavailable

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.

BNY Mellon adds that the new capabilities leverage its recent alliance with institutional investment solutions provider Milestone Group and its digital investment platform pControl. This alliance builds on BNY Mellon's efforts to create innovative and transformative solutions to better serve clients through its open architecture strategy.

"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.

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."

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The Bank of New York Mellon Corporation has today announced a new suite of oversight and contingent Net Asset Value (NAV) calculation solutions to complement its existing fund accounting capabilities for clients. It says these new services are designed to drive greater transparency, efficiency and risk management for asset managers and asset owners.

The offerings, which are described as platform- and provider-agnostic, set a new industry standard for clients with three key features:

· NAV Review: independent NAV oversight and reporting for funds administered across multiple providers

· Oversight with Expected NAV: independently calculated per-share value of a fund that is intended to assist with the execution of control and oversight responsibilities

· Back-Up & Contingent NAV: transparency and oversight into independently calculated NAV in the event the primary account platform or provider is unavailable

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.

BNY Mellon adds that the new capabilities leverage its recent alliance with institutional investment solutions provider Milestone Group and its digital investment platform pControl. This alliance builds on BNY Mellon's efforts to create innovative and transformative solutions to better serve clients through its open architecture strategy.

"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.

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."