BOSTON (Reuters) – The top securities regulator of Massachusetts said on Friday he is investigating the computer glitch at BNY Mellon Corp (BK.N: Quote, Profile, Research, Stock Buzz) that last month disrupted pricing on more than $400 billion worth of mutual fund and exchange-traded fund assets.
Secretary of the Commonwealth William Galvin said he has asked BNY Mellon and six of the largest fund companies affected how the technical glitch in fund accounting impacted individual investors.
BOSTON (Reuters) – Foreign investment funds are moving at breakneck speed to retool their strategies in an attempt to profit from Chinese stock markets whipsawed by panic, paranoia and unprecedented government intervention.
The implosion in Chinese equity prices after a domestic, debt-fueled buying binge has triggered a range of responses from foreign investors.
BOSTON (Reuters) – BNY Mellon Corp’s recent high-profile
computer glitch has highlighted how reliant the bank is on a
patchwork of in-house and third-party technology platforms
despite a pledge by Chief Executive Gerald Hassell to simplify
The U.S. bank roiled about 5 percent of the U.S. fund
industry last month when one of the accounting systems it relies
on to generate prices for mutual funds and exchange-traded funds
collapsed. The problems lasted a week and affected about $404
billion in assets.
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
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.
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..
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
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 (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.
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 (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.