(Bloomberg) -- Bank of New York Mellon Corp., which has been plagued for the past week with computer problems that prevented it from providing prices for mutual funds and exchange-traded funds, said Monday it has provided net asset values for both through Friday.
The technology, provided bySunGardData Systems Inc., broke down Aug. 24, affecting 20 mutual fund companies and 26 exchange-traded fund providers. The net asset value is the rough equivalent of a closing price.
Teams from the bank andSunGardhave been working around the clock since the original failure, trying to supply the missing data. In the meantime, fund companies have been calculating their own prices.
BNY Mellon Chief Executive Officer Gerald Hassell said in a press conference call Sunday that the net asset values for Monday should be available by the end of Monday or early Tuesday.
It has taken far longer than any of us would have expected, Hassell said about attempts to repair the damage caused by the software problem.
BNY Mellon, a custody bank, keeps records, tracks performance and lends securities for institutional investors and as of June 30 oversaw about $26.8 trillion.
- BNY Mellon Tech Issues Continue to Dog Funds
- S&P 500 Pulls Back From Correction While Risk-Asset Rout Deepens
- Regions Bank Nabs BNY Mellon Exec to Lead Corporate Trust Biz
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access