BNY Mellon Says Prices Updated Through Friday After Breakdown

BNY Mellon Corp’s computer glitch this week has disrupted pricing on almost 5 percent of us mutual funds and exchange-traded funds with about $404 billion in assets, according to data from Morningstar Inc and Lipper Inc.

While the InvestOne system was down the bank added “significant resources to our fund accounting teams in order to produce NAVs under the alternative methods as directed or chosen by our clients”.

BNY Mellon said the failure of the platform affected 66 of its fund accounting clients and about 1,200 fund structures.

The issue was reportedly caused by complications in the process of an upgrade scheduled for 22 August.

The statement also called the glitch an “isolated incident” and “not an application issue with InvestOne itself”.

It’s been a hellish seven days for BNY Mellon, but the financial institution may be finally starting to put a high-profile technology failure behind it. BNY Mellon said on Friday it still does not know when the problems with mutual fund pricing will be fixed.

As head of BNY Mellon markets group, created in 2014, Neal will oversee all of the bank’s markets-facing businesses including securities finance division, managed by James Slater.

In a letter to clients obtained by Reuters, BNY Mellon wrote, “We recognize the trust that you have placed in us, and sincerely regret the disruption this has caused you and your organization”. In addition to a new disaster recovery system, it is establishing and backing up data to a third instance, according to BNY Mellon CIO Suresh Kumar.

“Our focus from the outset has been on working closely with SunGard to restore their platform to improve reliability and performance”, said Hassell. He said: “We believe the new instance of InvestOne is reliable and sustainable”. The firm announced that it had also completed and delivered updated ETF baskets through Friday, August 28 for processing.