BNY Mellon technology failure probed by regulator

Massachusetts’ chief securities regulator is investigating a technology failure that caused delays in the pricing of mutual funds and exchange-traded funds for several days last month.

Bloomberg News reports that secretary William Galvin has asked Bank of New York Mellon and six mutual fund providers how the 'glitch' in fund accounting affected individual investors, his office said Friday in a statement.

Technology used by BNY Mellon to generate net asset values broke down on August 24. The software, provided by SunGard Data Systems, prevented the bank from issuing NAVs, the equivalent of closing prices, for many funds.

The issue affected at least 46 investment companies, hundreds of funds and billions of dollars of assets, according to the statement. 

To access the complete Bloomberg News article hit the link below:

Massachusetts Regulator Investigating BNY Technology Snafu

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