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 >>
Industry Solves Half of the Tri-Party Repo Risk Problem
Bank of New York Mellon recently completed its leg of an industry initiative to reduce risk in the tri-party repo markets, following the disastrous role those markets played in causing the 2008 financial crisis. After successfully implementing a series of reforms laid out by the Federal Reserve-led Task Force for U.S. Tri-Party Repo Infrastructure Reform,… Read More >>
BNY Mellon Promotes for CEO of Wealth Management
BNY Mellon, an investment management and investment services provider, has promoted Donald J. Heberle to be the new CEO of BNY Mellon Wealth Management, succeeding current CEO Lawrence Hughes who is retiring on June 30, officials say. Hughes, who is leaving after 24 years with BNY Mellon, will continue with BNY Mellon in an advisory… Read More >>
Nomura Joins Retreat from Swaps Clearing
Nomura Holdings is getting out of the clearing game for swaps transactions, dropping a previously offered service where the bank acted as a gateway for getting its customers’ swaps trades guaranteed by clearing houses. Nomura is just the latest of several banks to back away from clearing amid low margins and high costs imposed mainly… Read More >>
