THE Bank of New York Mellon Corporation (BNY Mellon) announced January 14 a new suite of oversight and contingent Net Asset Value (NAV) calculation solutions to complement its existing fund accounting capabilities for clients. These new services are designed to drive greater transparency, efficiency and risk management for asset managers and asset owners.
BNY Mellon’s new NAV offerings, which are 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.
These expanded capabilities leverage BNY Mellon’s recent alliance with institutional investment solutions provider Milestone Group and their digital investment platform pControl. This alliance builds on BNY Mellon’s efforts to create innovative solutions to better serve clients through its open architecture strategy.
With these topics having attracted increasing attention by regulators and fund boards globally, the 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.
These new services are subject to relevant regulatory approvals.