Thu, Apr 24, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

North eastern US struggles back to business after ferocious Storm Sandy

Wednesday, October 31, 2012

By Beverly Chandler, Opalesque London:

The lion’s share of the global hedge fund industry found itself at the epicentre of the north eastern corner of the US that Storm Sandy hit with such ferocity on 29th and 30th of October. For the non-American hedge fund community, yesterday was as if someone had switched the power off in the US, as communications pretty much stopped and news, once the country reached daybreak on the 30th October, came in the form of increasingly shocking images of devastation and post-Apocalyptic scenes.

Time for all the disaster recovery and business continuity planning to step up to the plate but with Storm Sandy’s breadth of 800 to 1000 miles, concerns are that data recovery facilities might have been a tad too close.

One hedge fund administration consultant, interviewed by Opalesque, says: "I've done a lot of operational due diligence visits on the major East Coast fund administrators and they all have good specialist secondary disaster recovery sites - but they are always about 30-50 miles from their main office. This means that Sandy will have pounded both their primary and back up business sites - so it raises the question did their disaster recovery plans work and could they offer a seamless service to their clients? I would doubt it - if their staff couldn't even get to the back up sites. They may have been able to offer a skeleton service by people working from home - if they were lucky enough to have power!"

......................

To view our full article Click here

Banner
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing
  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. …And Finally – Flight attendant has passengers rolling in aisle[more]

    From Orange.co.uk: A video of a US flight attendant turning her safety talk into a comedy routine is proving a huge hit online. More than five million people have watched the clip of Marty Cobb which has her passengers rolling with laughter on a Southwest Airlines flight to Salt Lake City.

  2. Niche Investing – Wealthy investors flock to fine art funds[more]

    From Clickorlando.com: Wealthy investors looking to diversify beyond stocks and bonds are now turning to an unusual money-making vehicle -- the art investment fund. The name says it all: These funds invest in fine art and seek returns by acquiring and selling high-end pieces for profit. Growth

  3. Opalesque Exclusive: Rainwater and Blue Sky - an Australian water fund emerges[more]

    Bailey McCann, Opalesque New York: Financial reporters often tout new funds and investments as uncorrelated investments, but few can say they are uncorrelated to everything but weather. Enter Blue Sky Alternative's water fund which invests in the permanent rights to Australia's water. Sev

  4. University of Michigan allocates $242m to six managers[more]

    From PIonline.com: University of Michigan, Ann Arbor, invested or committed a total of $242 million to one traditional equity manager and five alternative investment funds from its $9 billion endowment. University regents approved the hire of Mittleman Investment Management to run $35 million in act

  5. Performance – Odey flagship hedge fund suffers brutal March as shorts rise, Blackstone first-quarter profit rises 30% on higher fees[more]

    Odey flagship hedge fund suffers brutal March as shorts rise From Valuewalk.com: The tide has turned for the worse for one of Europe’s best performing hedge funds. Crispin Odey’s flagship hedge fund, Odey European has suffered a 4.63% decline for the year after slipping 7.2% in March, ac