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On August 29th, Opalesque reported "Cayman hedge fund admins leave investors waiting for redemptions", citing one investor who has been waiting for a hedge fund redemption since Aug 13. On August 30th, Fortis told Opalesque the firm is not aware of any shareholder transactions that were held up due to the anticipation, the time during, or the recovery time after hurricane Dean. "Nor were we delayed in our NAV production. Our hurricane response program (designed with the memory of Ivan) stood up exceptionally well. We had pre-hurricane meetings, continuous monitoring throughout with staff on site, and a smooth "back to business as usual" on Tuesday (Dean hit Monday morning -- the only day our office was closed -- by government edict). We relocated some staff to our Curacao operation center along with New York City prior to Monday. Since we run on global systems, we had immediate on line access to all files. We sent several status notices (before, during, after) to all of our clients with multiple contact points -- Cayman emergency numbers, US relationship management team, and staff in Curacao."
Fortis continued: "With all plans, whether used in a previous hurricanes or brand new, you discover areas for improvement. We have already had meetings to evaluate the effectiveness and changes needed (if any). We have some tweaking to do -- but our clients and their investors were universally very pleased with our preparation and communications."...................... To view our full article Click here
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