BNY MELLON said yesterday that it had fixed a software glitch which prevented it from providing the value of numerous mutual funds and exchange traded funds (ETFs) over the past week.
The company is one the world’s largest custodian banks for investment funds and provides prices to calculate a fund’s net asset value (Nav), which is equivalent to its share price.
It was unable to price 20 mutual funds and 26 ETF ranges throughout last week after identifying problems on Monday, 24 August caused by software provided by SunGard Data Systems.
However, the group yesterday said it had completed production of system-generated Navs for ETFs and all mutual fund clients for prices through to Friday 28 August.
“Our focus from the outset has been on working closely with SunGard to restore their platform to improve reliability and performance,” BNY Mellon’s chief executive and chairman Gerald Hassell said yesterday.
“It has taken far longer than any of us would have expected.”