Bank of New York Mellon technology woes said to force scramble for prices


MW-DA191_BNY_Me_20141126122921_ZH T Technology issues at Bank of New York Mellon Corp. BK, +2.67%  , the largest fund custodian in the world by assets, are preventing the bank from pricing hundreds of mutual and exchange-traded funds, The Wall Street Journal reported late Wednesday. That means investors can’t value their holdings, making trading during one of the most volatile market weeks in a decade even more complicated. The report says some fund sponsors were attempting to manually price holdings in their funds, which may generate legal implications for them if they make a material mistake that goes out to investors. Fund-research firm Morningstar Inc.MORN, +1.76%   told the Wall Street Journal 796 funds were missing their net asset

http://www.marketwatch.com/story/bank-of-new-york-mellon-technology-woes-said-to-force-scramble-for-prices-2015-08-27?siteid=yhoof2