Beginning on August 24, 2015, Bank of New York Mellon Corp. experienced what it described as “system performance issues” with a fund accounting platform, InvestOne, that processes net asset value (NAV) calculations for certain mutual fund and ETF clients. The malfunction, reportedly unrelated to the market volatility experienced around the same time, followed an operating system change implemented by SunGard Data Systems Inc., a third-party vendor which hosts and supports the InvestOne platform. On a conference call held on August 30, 2015, BNY Mellon Chairman and CEO Gerald Hassell reported that the platform failure impacted 66 fund accounting clients and approximately 1,200 funds. On September 1, 2015, BNY Mellon reported that it completed production of system-generated NAVs for all ETFs and mutual funds through August 31, 2015.