Glitch hits ASX-listed managed funds

About 16 ASX-listed managed funds using internal market making were affected by a glitch in calculating their iNAV yesterday, Financial Standard understands.

Issuers affected include Platinum Asset Management and Schroders.

Quoted managed funds are actively-managed funds quoted on the ASX's AQUA market. They are required to provide investors the fund's indicative net asset value (iNAV) throughout the day, which can be calculated by a third party.

Yesterday's issue is understood to relate to Interactive Data Corporation (IDC), which calculates the iNAV for the 16 funds that were affected.

Platinum chose to halt trading of two of its ASX-listed funds, which together have about $500 million in assets, for about three hours yesterday.

This includes the $343 million Platinum International Fund (quoted managed fund) (ASX: PIXX), which feeds into the $9.7 billion Platinum International Fund. And the $153 million Platinum Asia (quoted managed hedge fund) which feeds into the $4.3 billion Platinum Asia Fund.

"We advise that the technical issue associated with the iNAV promulgation for OIX which resulted in market making being temporarily paused, has now been resolved," the two funds said in filings on coming out of trading halt yesterday afternoon.

IDC has been contacted for comment.

Read more: ASXAQUAInteractive Data CorporationOIXPIXPlatinum Asset Management PAXSchroders
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