Shock & Preparedness at Alger
October 28, 2002
I read, with interest, your article "Small Fund Disaster Plans in Bad Shape" [MFMN 10/7/02].
I take exception with the remarks of some of the individuals quoted in the article. Believe it or not, our folks were walking around with those binders!
By 10:39 a.m. we were up and running in our fully equipped disaster site 45 miles west of the city in Morristown, N.J. This was at Fred Alger Management, a firm that was one of the most directly impacted.
Our phone group, our in-house transfer agent, our research and trading systems, etc., were all up and running by 10:40 a.m. Calls were being answered and business, the little there was, was being conducted despite overwhelming concern among our colleagues. We did not miss one single phone call or transaction. All employees not affected by the attack were at the disaster site by early afternoon.
How did we do this? We were prepared. We practiced. We walk around with binders. We are the poster child for preparedness.
-- James P. Connelly, Jr.
Fred Alger Management, Inc.