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Charity in the Wake of Crisis

Besides addressing investors concerns, some fund companies initiated charitable efforts in the days following the tragedy. Washington Mutual has donated $250,000 to the American Red Cross. "Washington Mutual has always been a firm that's been very high profile in community support," said Sandy Cavanaugh, VP at the Seattle, Washington-based firm. "Although we don't have a lot of business in New York or Washington, we just purchased the Dime Savings and Loan, and we are always interested in helping communities that are involved in crisis."

Still in shock, many firms will undoubtedly make charitable donations in the wake of the tragedy.

"I am certain that the companies I work for will do something," said Allyn Hughes, VP of marketing at Fremont Funds, the fund family spawned from the Bechtel family private office. Hughes explained that it was too early for the firms to make a decision about the appropriate application of charitable donations.