BNY Mellon Aims to Fix Pricing Breakdown by End of Monday
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Bank of New York Mellon Corp. said it aims to have a reliable fix by Monday for the system it uses to generate net asset values for mutual funds after the software broke down seven days earlier.
The technology, provided by SunGard Data Systems Inc., should be able to provide asset values for Friday by early Monday, Gerald Hassell, BNY Mellon’s chief executive officer, said on a conference call late Sunday from New York. Net asset values for Monday should be available by the end of the day or early Tuesday, the bank said.