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Thursday, August 27, 2015

New “Glitch” Preventing Investors from Getting Money OUT of Mutual Funds and ETF’s

http://www.wsj.com/articles/securities-pricing-problems-hit-u-s-mutual-funds-etfs-1440601913

A computer glitch is preventing hundreds of mutual and exchange-traded funds from providing investors with the values of their holdings, complicating trading in some of the most widely held investments.
796 funds were missing their net asset values on Wednesday.
. . . Hinder[ing] investors’ ability to trade accurately in and out of popular investment vehicles,. . .
David A. Andelman, 70 years old, of New York City, said he tried to sell $15,000 of Voya Russia fund shares on Monday. By Wednesday morning, the trade still hadn’t gone through, he said. He said he was told by his broker, J.P. Morgan Chase & Co., that it couldn’t receive the funds because the bank hadn’t received pricing information from Voya.
“It’s a nightmare,” Mr. Andelman said.

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