Bank of New York Mellon is looking to automate fund management through a deal to acquire technology provider Milestone Group, the $2.2 trillion financial institution announced today. Terms of the deal were not publicly disclosed.

Through the acquisition, BNY Mellon aims to advance digitization and automation of core accounting and asset services, and add to its digital offerings and core capabilities, such as cash allocation and fair value control solutions to their existing suite of net asset value (NAV) solutions. The financial institution also rolled out an automated liquidity-management tool in June geared toward helping clients reduce internal cash management costs and risks.

“This is a significant step in our continuous evolution — blending leading edge technologies and services to deliver greater efficiency and value for our clients,” Roman Regelman, BNY Mellon’s chief executive of asset servicing and head of digital, said in a statement.

Milestone offers solutions like algorithmic portfolio management, cash forecasting and rebalancing tools, and automated market data validation. Following the acquisition, BNY Mellon will also leverage Milestone Group’s institutional fintech solutions. Milestone Group counts banks like Citi, BNP Paribas, HSBC and BMO Harris among its clients.

“We are attracted to BNY Mellon’s commitment to open architecture and approach to creating an operationally meaningful eco-system for clients that connects their own capabilities with those of their clients and suppliers,” Geoff Hodge, president and executive chairman at Milestone Group, said in a separate statement.

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