Aug 27, (Reuters) - Financial services software provider SunGard apologized on Thursday for the collapse of an accounting system that disrupted the orderly flow of pricing on billions of dollars of assets at a number of U.S. mutual funds and exchange-traded funds.
The system buckled last weekend as SunGard upgraded software for an accounting platform used by BNY Mellon Corp. BNY Mellon uses the system to generate net asset values for its mutual fund and ETF clients.
SunGard said the issue appears to have been caused by an unforeseen complication resulting from an operating system change performed by SunGard on Saturday.
“We at SunGard apologize to BNY Mellon for the adverse impact this unfortunate incident has had on its operations and clients,” SunGard President Russ Fradin said in a statement.
Reporting By Tim McLaughlin; Editing by Bernard Orr