MUFG Investor Services (“MUFG”), the global asset servicing arm of Mitsubishi UFJ Financial Group, today announced the creation of cNAV, a proprietary contingent net asset value solution for mutual funds. The technology, which runs independently of MUFG’s core accounting system, ensures seamless continuity should an outage of the primary daily NAV production process occur.
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To develop the cNAV, MUFG uses the firm’s Business as Usual data and existing workflows, effectively operating a parallel calculation independent of existing infrastructure. Given the integrated nature of its structure, MUFG can calculate accurate NAVs daily and bundle the cNAV product within its current service offering.
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“With the development of this internal contingent NAV technology, we are able to provide our clients with a sophisticated and accurate level of business continuity, eliminating the need to go to a third-party provider for this peace of mind,” said Michael Rucci, President and CEO (MFS USA) at MUFG Investor Services. “Incorporating this new, independent system into our standard offering demonstrates our continued commitment to protect our clients with innovative safeguards.”
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