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The
resolution of the issue, which affected the calculation of
billions of dollars of assets last week, has taken far longer
than expected, CEO Gerald Hassell said on a conference call, a
transcript of which was made available to Reuters.
"We expect to complete Friday's NAVs for all but one of the
affected fund clients by tomorrow morning ... Our goal is to
provide fund clients with system-generated NAVs for Monday by
tomorrow night," Hassell said on Sunday night.
The bank has completed calculating net asset values (NAVs) for
all funds through last Thursday with the exception of those of
one mutual fund client, Hassell said, without identifying the
client.
An accounting system BNY Mellon relies on to calculate the
prices of clients' mutual funds and ETFs broke down last
weekend, disrupting pricing on nearly 5 percent of U.S. mutual
funds and ETFs with about $404 billion in assets, according to
data from Morningstar and Lipper.
Hassell said the bank still didn't know the root cause of the
failure and would seek assistance from independent third-party
to work on the issue.
Last Thursday, financial services software provider SunGard,
which hosts an accounting platform that helps the world's
largest custody bank calculate NAVs for its funds clients,
apologized for the glitch that happened during a systems
upgrade.
(Reporting by Shivam Srivastava in Bengaluru; Editing by
Gopakumar Warrier)
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