By Kirsten Grind

Computer problems plagued the U.S. asset-management industry for a fourth day Thursday, as Bank of New York Mellon Corp. said it was still working to correct a glitch that caused hundreds of mutual and exchange-traded funds to miscalculate the value of fund assets.

The bank said in a statement that the accounting platform it uses to price fund securities, the SunGard InvestOne platform operated by SunGard Data Systems Inc., began to work better in the early morning hours Thursday, "although some performance issues remain."

BNY Mellon, the largest fund custodian in the world by assets, provides accounting services for money managers that include calculating the price of a fund's securities each day. Pricing is crucial for money managers, which are obliged to provide investors with an accurate price for securities in their funds.

The problems have made it much harder for mutual fund and exchange-traded fund investors who rely on accurate pricing to trade in and out of funds.

On Monday, the pricing system went down. While it went back online midday Wednesday, the system is now working through a backlog, the bank said. A spokesman for SunGard didn't return a call seeking comment.

Fund research firm Morningstar Inc. said about 800 mutual funds were missing their net asset values on Wednesday afternoon.

On Thursday, some fund firms worked to restate the net asset values of their funds from previous days after receiving updated information from BNY Mellon. In an update to investors Thursday morning, Federated Investors said it has received net asset values for Monday, and that two of its mutual funds saw different net asset values.

The company said it is recommending reprocessing shareholder transactions in both those funds for that day. The company is still relying on its internal valuation committee to price securities because of "a significant delay in the availability of net asset values," Federated said in a statement.

The bank said it had generated net asset values for all affected ETFs and nearly all mutual funds for Tuesday. "Teams continue to work around the clock," the bank said in a statement.

Write to Kirsten Grind at kirsten.grind@wsj.com

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(END) Dow Jones Newswires

August 27, 2015 13:05 ET (17:05 GMT)

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