Fund accounting headache for BNY Mellon
28 August 2015 New York
Image: Shutterstock
BNY Mellon is still experiencing problems with producing system-generated net asset values (NAVs) for its US fund accounting clients after the system failed on Wednesday 26 August.
The glitch was reportedly a result of an update to SunGard’s InvestOne accounting platform, and as of 8.30am local time in New York, indicative NAVs for some ETFs are still unavailable.
Although system processes began to improve on the evening of Thursday 27 August, NAV processing for Wednesday are still delayed with no estimated time for completion.
As many as 20 daily-valued registered mutual fund companies and 26 ETF providers have been affected. Additional non-daily funds are also supported on the platform, but do not appear to have seen any market-facing impact
According to BNY Mellon, there have been no restrictions on investor trading as a result of the issue.
The glitch was reportedly a result of an update to SunGard’s InvestOne accounting platform, and as of 8.30am local time in New York, indicative NAVs for some ETFs are still unavailable.
Although system processes began to improve on the evening of Thursday 27 August, NAV processing for Wednesday are still delayed with no estimated time for completion.
As many as 20 daily-valued registered mutual fund companies and 26 ETF providers have been affected. Additional non-daily funds are also supported on the platform, but do not appear to have seen any market-facing impact
According to BNY Mellon, there have been no restrictions on investor trading as a result of the issue.
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