BNY Mellon has introduced a new suite of oversight and contingent net asset value (NAV) calculation solutions to expand its existing fund accounting capabilities for clients.
The new services are designed to drive greater transparency, efficiency and risk management for asset managers and asset owners.
The three key features of BNY Mellon’s new NAV offerings, which are platform and provider agnostic, are ‘NAV Review’, ‘Oversight with Expected NAV’, and ‘Back-up & Contingent NAV’.
NAV Review is an independent NAV oversight and reporting for funds administered across multiple providers, BNY Mellon explained.
Oversight with Expected NAV relates to the independently calculated per-share value of a fund that is intended to assist with the execution of control and oversight responsibilities.
Meanwhile, Back-Up & Contingent NAV revolves around transparency and oversight into independently calculated NAV in the event the primary account platform or provider is unavailable.
According to BNY Mellon, 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.
James Slater, global head of business solutions at BNY Mellon, commented: “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.”
Slater added: “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.”
Geoff Hodge, executive chairman of Milestone Group, said: “We are delighted to partner with BNY Mellon to deliver enhanced oversight and contingent NAV capabilities to the investment management industry.”
Hodge added: “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.”
BNY Mellon highlighted that these expanded BNY Mellon capabilities leverage its recent alliance with institutional investment solutions provider Milestone Group and its digital investment platform pControl.
