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BNY Mellon has been greatly affected by InvestOne’s crash

Sungard has been left red-faced and forced to apologise following a glitch in one of its systems potentially disrupting the pricing of billions of dollars of assets.

The outage occurred as Sungard attempted to upgrade the InvestOne platform used by investments and asset management corporation BNY Mellon. The system, according to Sungard may have calculated inaccurate prices, leaving BNY Mellon the task of having to go through its pricing with a fine-tooth comb and involve financial regulators.

In a public statement, BNY Mellon announced that it would be working with its clients through alternative NAV production options. The company will also, it confirms, be contacting exchanges and industry members to support getting its systems back on the straight and narrow.

Related: Sungard revenues rise in Q2 2015

Sungard has recently been acquired by US software heavyweight FIS, which paid $9.1 billion for the privilege in a deal that IBS was first to hint at. With the purchase FIS made a step into the treasury and capital markets space and gained a number of investment and asset management systems.

The glitch comes at a time where the financial market is in already in a volatile state, but it is believed that the glitch is unrelated to the ‘Black Monday’ market crashes in China.

‘We at Sungard apologise to BNY Mellon for the adverse impact this unfortunate incident has had on its operations and clients,’ president Rus Fradin said in a statement. It is currently unknown when the system might be online.

Both Sungard and BNY Mellon have been contacted for comment.

By Alex Hamilton

by Darshana Adanwale
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