Tim's Feed
Aug 28, 2015

BNY Mellon glitch disrupted pricing on nearly 5 pct of U.S. funds

Aug 28 (Reuters) – BNY Mellon Corp’s computer glitch
this week disrupted pricing on nearly 5 percent of U.S. mutual
funds and exchange-traded funds, according to data from
Morningstar Inc and Lipper Inc.

On Wednesday, for example, 1,307 mutual funds and ETFs had
disrupted pricing, or 4.5 percent of the 28,812 funds that have
net asset value calculations, according to Morningstar and
Lipper.

Aug 27, 2015

BNY Mellon’s fund pricing glitch could persist into weekend

BOSTON/NEW YORK (Reuters) – BNY Mellon Corp’s computer snafu
in calculating the prices of mutual funds and exchange-traded
funds could extend into the weekend, prolonging confusion over
the price of recent trades and any potential compensation owed.

Some of the largest U.S. fund managers rely on BNY Mellon
to calculate the net asset value (NAV) of their funds but
a failed software upgrade last weekend buckled the system just
as investors headed into a tumultuous week of trading sparked by
fears about the Chinese economy.

Aug 27, 2015

BNY Mellon still having problems with fund pricing system

BOSTON (Reuters) – BNY Mellon Corp was still trying to resolve problems with a computer system used to calculate the prices of mutual funds and exchange-traded funds on Thursday, prolonging confusion over the price of recent trades and any potential compensation owed.

Fund managers rely on BNY Mellon to calculate the net asset value or NAVS of their funds but a failed software upgrade over the weekend floored its system just as investors were heading into a tumultuous week of trading sparked by fears about the Chinese economy..

Aug 26, 2015

BNY Mellon pricing glitch affects billions of dollars of funds

By Jessica Toonkel and Tim McLaughlin

(Reuters) – BNY Mellon Corp was scrambling to fix a
computer glitch on Wednesday that has delayed how billions of
dollars of assets are valued, throwing the U.S. funds industry
into disarray and damaging the reputation of the world’s largest
custody bank.

BNY Mellon said an accounting system it relies on to
calculate the prices of clients’ mutual funds and exchange
traded funds (ETFs) broke down over the weekend just as
investors headed into a global market meltdown sparked by fears
over the Chinese economy.

Aug 26, 2015

BNY Mellon says fund pricing system collapsed

Aug 26 (Reuters) – BNY Mellon Corp said on Wednesday
an accounting system it relies on to calculate the prices of
mutual funds and exchange-traded funds collapsed earlier in the
week before being restored.

BNY Mellon blamed the pricing glitch on a system used by
financial software provider SunGard. The world’s largest custody
bank said it outsources some of its net asset value (NAV)
calculations to SunGard.

Aug 25, 2015

U.S. money-market funds raise fees after years of cutting them

BOSTON, Aug 25 (Reuters) – U.S. money-market funds, which
have lost billions of dollars in revenue since the height of the
financial crisis, are raising fees after years of cutting them,
according to industry executives and analysts.

The $2.7 trillion industry has lost some $30 billion in
revenue since 2009, according to the Investment Company
Institute. Money funds reduced fees to ensure that investors did
not actually lose money in an era of rock-bottom interest rates.

Aug 17, 2015

No Christmas cheer expected for stalled $3.5 bln Bahamas resort

Aug 17 (Reuters) – The opening of the $3.5 billion Baha Mar
mega-resort in the Bahamas is expected to be delayed beyond the
start of the Christmas season, with the developer deep in an
escalating legal battle with the Chinese companies that are
providing most of the finance and construction work.

Even if construction on the unfinished resort resumed this
month, there is little chance the project could be completed by
mid-December, the start of the high season for Bahamas resorts,
according to local contractors who have worked on the project.
They asked not to be named because they are still seeking
payment for some of their work.

Aug 14, 2015

Investors yank record levels of money from U.S. stock funds

BOSTON, Aug 14 (Reuters) – Investors pulled nearly $79
billion from U.S. stock funds during the first seven month of
this year, more than in any previous year including the height
of the financial crisis, Morningstar Inc said on Friday.

“The consensus is that the United States is in the late
stages of its bull market,” Morningstar analysts said.

Aug 12, 2015

Fidelity Contrafund bullish on banks, singles out Wells Fargo

BOSTON, Aug 12 (Reuters) – Fidelity Contrafund manager Will
Danoff, who oversees $113 billion in assets, said Wells Fargo &
Co’s profits “could benefit materially” from a rise in
interest U.S. rates, and that he believed the stock market was
underestimating the Federal Reserve’s changing stance on rates.

Contrafund is one of Wells Fargo’s largest investors,
holding nearly $4 billion worth of the stock at the end of June,
or 3.6 percent of the fund’s assets. Danoff has been increasing
his position in bank stocks over the past year.

Aug 11, 2015

Thirty years on, treasury bond with 10 pct coupon bows out a star

BOSTON, Aug 11 (Reuters) – Few things from 1985 achieved
lasting fame and universal acclaim. One of them is the
highest-paying U.S. government bond, which easily outlasted ‘new
Coke,” Commodore’s Amiga computer, power suits and big hair.

The last U.S. Treasury with a 10 percent coupon, issued 30
years ago this week, is retiring as a government obligation in a
matter of days, leaving bond investors nostalgic for coupons
five or 10 times what they have to live with now.