U.S money management firms have made major contingency plans — including chemical suits and gas masks for every employee in at least one case — to keep their businesses running should another terrorist attack take place on U.S. soil this summer.
New York-based firms are, not surprisingly, the ones most concerned about having backup operating facilities; all were implemented after the Sept. 11 terrorist attacks.
• Bank of New York has "significantly increased the geographic locations of our business," said Jeep Bryant, a spokesman. The bank has two large facilities in upstate New York and in Florida that handle asset management, asset servicing and all of the bank's other lines of business.
• Citigroup Asset Management has its employees spread among several different office locations in and around New York City, including one in Stamford, Conn.
• J.P. Morgan Fleming Asset Management has alternate sites and recovery locations in place for the relocation of employees, processes and technology in case of a terrorist attack.
• Lombard Odier Darier Hentsch Inc. has computer backup facilities in its Montreal office.
• NorthRoad Capital Management has a backup server in a remote location in Minnesota.
Representatives at Merrill Lynch Inc. and General Motors Asset Management said they have contingency plans but did not want to discuss them publicly.
But firms outside of New York aren't ignoring the early warnings.