Market participants should use any delay in the implementation of the revised Markets in Financial Instruments Directive (MiFID II) to develop a more strategic approach to compliance with the regulatory reforms, say industry observers. Firms should keep up the momentum as it’s unclear whether politics will play in the industry’s favor and add more time… 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 >>
MUTU Deploys SunGard Apps in Managed Services Mode
Mitsubishi UFJ Trust & Banking Corp. has implemented SunGard’s global lending offering, Global One, and the vendor’s corporate actions processing system, XSP, in a managed services environment that “removes the burden for hosting and managing hardware, software and telecommunications infrastructure requirements,” say bank officials. “Running our operations using Global One and XSP within SunGard’s managed… Read More >>
U.K. Asset Resolution Picks SunGard’s Ambit Solution
SunGard reports that U.K. Asset Resolution Limited (UKAR), the holding company established in 2010 to “facilitate the orderly management of the closed mortgage books” of Bradford & Bingley plc (B&B) and NRAM plc (formerly the Northern Rock bank), both now British government owned, has replaced its treasury and risk platform with SunGard’s Ambit treasury management… Read More >>
FIS CEO: Get Ready for ‘Massive Disruption’
(Editor’s note: This is the second part (click here for part I) of a FTF News Q&A with Gary Norcross, president and CEO of banking and payments technology provider Fidelity National Information Services (FIS), which is acquiring financial products and services giant SunGard for $9.1 billion. In this installment, Norcross addresses the importance of disruptive… Read More >>
FIS CEO: SunGard’s InvestOne Woes Won’t Stop Acquisition
(Editor’s note: As the world learned in mid-August, financial products and services giant SunGard sidestepped an initial public offering as banking and payments technology provider Fidelity National Information Services (FIS) announced that it is acquiring the Wayne, Pa.-based vendor for $9.1 billion in a combination of stock and cash. FTF News checked in with Gary… 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 >>
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 >>