Uh Oh: Galvin Is Digging Into NAVgate
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Tuesday, September 8, 2015

Uh Oh: Galvin Is Digging Into NAVgate

Fundsters beware! NAVgate has caught the attention of the longtime would-be Eliot Spitzer of Massachusetts.

On Friday, as reported by Bloomberg, the Boston Business Journal, the Boston Globe, and Reuters, Massachusetts Secretary of State Bill Galvin revealed that he's digging into last week's BNY Mellon-SunGard mutual fund pricing crisis.

Galvin says that hundreds of mutual funds, with billions of dollars in AUM and managed by at least 46 different asset managers, were affected by the weeklong glitch battle. He is reportedly starting the investigation with BNY itself and six fund firms: Deutsche Bank [profile], Federated [profile], First Trust [profile], Goldman Sachs [profile], Guggenheim [profile], and Prudential [profile].

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