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Friday, April 19, 2013

Boston Fundsters Weather The Lockdown

Reported by Tommy Fernandez

As the manhunt continues for the second suspect in the Boston Marathon bombings, fund firms weather through the city's lockdown by working from home, changing meeting schedules and the like. At least one firm was able to make use of its company-wide alert system, usually utilized during times of bad weather.

So far, MFWire has heard from four firms in the fund industry. A spokesperson from the State Street Corporation gave this statement:
The safety of our employees is paramount. Employees in the lockdown areas in and around Boston have been asked to work from home and follow directions from local, state or federal authorities. All other non-essential employees are being asked to work from home. We continue to maintain critical business functions while ensuring the safety of our employees.

Meanwhile, this was the situation at MFS, according to spokesperson John Reilly.
We are open for business, however a majority of our employees are either working from home or from our backup facility in Marlboro, MA. When we woke up to news that mass transit was shut down, and residents in and near Boston were advised by police not to leave their homes, we declared a work from home day. Our people have the ability to work remotely with full connectivity to the office. We test this periodically so we are prepared for an event like this. It has not disrupted our workflow.

Neil Bathon, founder of FUSE Research Network, said that the lockdown had "relatively little impact for us."

"We had a meeting with a firm in downtown Boston that was cancelled but otherwise business as normal at FUSE we are located outside of the lockdown zone." HE SAID.

The lockdown offered Natixis to test its company-wide alert system for a situation beyond weather alerts, according to spokesperson David Snowden. The system, which broadcast emergency alerts through phone and email, told all 500 employees at the firm's 399 Boyleston Street office to work from home today.

"We make sure we do everything in the best interest of our employees," Snowden said.

For other takes on the impact of the lockdown on Boston's financial firms, turn to Reuters and USA Today

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