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
], First Trust
], Goldman Sachs
], Invesco PowerShares
, Van Eck
], and Voya
says that 796 funds in total were missing NAVs.
, the Financial Times
, 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
Neil Anderson, Managing Editor
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