(Editor’s note: This is the second part (click here for part one) of an interview with Susan M. Vismor, head of global business continuity for BNY Mellon. This section of the Q&A focuses on the management and best practices issues that were tested by Hurricane Sandy, which devastated the East Coast and the Northeast of… Read More >>
How Hurricane Sandy Put BNY’s Business Continuity to the Test
(Editor’s note: Hurricane Sandy devastated the East Coast and the Northeast of the U.S., among other regions, three years ago. According to current tallies, 233 people in eight countries died as a result of the hurricane’s destructive path, which caused $75 billion in damage. For Wall Street firms, the hurricane was a test of their… Read More >>
SEC to Respond to Op Risk Woes for Private Fund Advisors
Citing the SunGard Investone pricing crisis, SEC Chair Mary Jo White is clearly interested in the operational risk issues facing private fund advisors and stress tests and more will be forthcoming from the regulator, according to a speech she gave before the Managed Funds Association’s Outlook 2015 Conference in New York on Oct. 16. The… Read More >>
SunGard, BNY Mellon Announce Promotions for Treasury Businesses
SunGard Promotes Company Veteran to Treasury Business President SunGard Financial Systems reports the appointment of Andrew Bateman, a company veteran, to the post of president of its treasury business unit. Bateman, who is now president of SunGard’s treasury solutions and energy businesses, has spent more than 15 years at the Wayne, Pa.-based financial software and… Read More >>
Ops Needs Hub to ‘Take Out Operational Risk and Cost’ of KYC
(Editor’s note: Designed for simplifying client data gathering and document management, the Clarient Entity Hub utility service of Clarient Global went live in the spring with the support of Barclays, BNY Mellon, Credit Suisse, Goldman Sachs, JPMorgan Chase and State Street. The hub targets the client onboarding and client lifecycle operations such as know your… Read More >>
BNY Uses New Instance of InvestOne to End NAV Crisis
Fund custodian BNY Mellon’s net asset value (NAV) pricing crisis is at a turning point as the firm installed over the weekend a new instance of the SunGard hosted InvestOne system at the heart of the problems that have plagued the bank’s U.S.-based exchange-traded and mutual fund clients over the past week. On Tuesday, September… Read More >>
BNY Mellon to Pay $15M for Intern-Hiring Violations
The SEC reports that BNY Mellon, the investments company founded by Alexander Hamilton in 1784, has “agreed to pay $14.8 million to settle charges that it violated the Foreign Corrupt Practices Act (FCPA) by providing valuable student internships to family members of foreign government officials affiliated with a Middle Eastern sovereign wealth fund.” Not surprisingly,… Read More >>
Transparency and BNY Mellon’s NAV Crisis
Fund custodian BNY Mellon’s ongoing woes via its outsourcing to SunGard is causing many issues to come to a boil with the main one being the effort to restore service to clients that rely on BNY Mellon for accurate net asset value (NAV) pricing support. With the news on Monday, August 31, it looks as… Read More >>
BNY, SunGard Struggle to End NAV Crisis
Fund custodian BNY Mellon’s net asset value (NAV) pricing crisis appears to be ongoing as the firm stated that it will be working over the weekend to fix the problems caused by SunGard’s hosted InvestOne system. In the meantime, BNY Mellon is helping affected clients that offer mutual and exchange traded funds via contingency measures… Read More >>
BNY Mellon Still Grappling with SunGard InvestOne Outage
As of last night, BNY Mellon is reporting that it is still having system problems with the SunGard InvestOne platform that it uses for the processing of net asset values (NAVs) “of certain mutual funds and ETFs [exchange-traded funds].” In an online notice for Aug. 26, 10:30 p.m. ET, BNY Mellon reports: “The SunGard InvestOne… Read More >>
