A computer glitch is preventing hundreds of mutual and exchange-traded funds from providing investors with the values of their holdings, complicating trading in some of the most widely held investments. The problem, stemming from a breakdown early this week at Bank of New York Mellon Corp., the largest fund custodian in the world by assets, prompted emergency meetings Wednesday across the industry, people familiar with the situation said. Directors and executives at some fund sponsors scrambled to manually sort out pricing...
A computer glitch at BNY Mellon delayed how billions of dollars of assets are valued thereby throwing the US funds industry into confusion, just as investors were dealing with the global market meltdown caused by fears over the Chinese economy. The system, run by SunGard, went down over Wednesday and was not fully operational until the weekend, leaving the bank with a backlog of funds to price.