Thursdays massive East Coast snow and ice storm wreaked havoc with money managers, particularly in the Carolinas.
A portfolio manager at Smith Breeden Associates in Chapel Hill, N.C., had his car crushed by an ice-laden tree that fell on it, said Daniel C. Dektar, senior vice president and director of portfolio management. The manager worked from home, one of the lucky few with power and phone in his house, Mr. Dektar said.
Smith Breedens offices lost power, canceling the office Christmas party, but backup systems and cellular phones allowed the firm to function. "We were slightly diminished, but not disabled, Mr. Dektar said. Power was restored by Friday.
In Charlotte, N.C., Sterling Capital Management had to rely on an Internet connection to Bloomberg services because local phone exchanges were damaged, said Mark W. Whalen, president and managing director. Also, one Sterling employee scheduled on an 8 a.m. Thursday flight out of New Yorks LaGuardia Airport left at 6:30 p.m., Mr. Whalen said.
Sterlings staff Christmas party will go ahead as planned next week, Mr. Whalen said, although one of Mr. Whalens partners, who will host the party at his house, has no electricity and "a tree limb through his roof. We told him, Get it fixed, because were coming to your house next week.