MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
|
|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, August 27, 2015 No NAVs: BNY Mellon's Fundster Customers Scramble 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. Printed from: MFWire.com/story.asp?s=52516 Copyright 2015, InvestmentWires, Inc. All Rights Reserved |