The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:No NAVs: BNY Mellon's Fundster Customers Scramble Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, August 27, 2015

No NAVs: BNY Mellon's Fundster Customers Scramble

News summary by MFWire's editors

Mutual funds and ETFs from a host of shops had pricing problems at the beginning of this week as the markets shook. Yet it was a software upgrade, not the market volatility, that caused the problem.

A host of publications report that custodian BNY Mellon had problems with a software upgrade from SunGard, specifically with the latter's InvestOne system. The shops whose products were reportedly affected include: Etfis Capital, Federated [profile], First Trust [profile], Goldman Sachs [profile], Guggenheim [profile], Invesco PowerShares [profile], Prudential [profile], Seligson, Van Eck [profile], and Voya [profile]. Morningstar says that 796 funds in total were missing NAVs.

Barron's, Bloomberg, the Financial Times, Reuters, and the Wall Street Journal, multiple times, all covered the news.

Per the FT, it all started on Monday "as a result of a failed software upgrade." BNY got the system back up, at least partially, on Tuesday.

"Our teams have been working together to clear the backlog and we are working with SunGard to resume normal processing as soon as possible," a BNY spokesman told Reuters

Edited by: Neil Anderson, Managing Editor

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2023
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use