At least six asset management firms with about $660 billion in assets had offices in the World Trade Center, which were destroyed today by terrorist attacks.
The firms included the mutual fund arms of Citigroup Inc, Morgan Stanley Dean Witter & Co and Oppenheimer Funds Inc, majority owned by Massachusetts Mutual Life Insurance Co.
The money management units employ about 3,000 people, according to Nelson Information/Thomson Financial, although it is not known how many worked at the Trade Center.
"We have been informed that [our employees] have been evacuated and they are safe,'' said Jim Lacey, a spokesman for MassMutual in Springfield, Massachusetts. He said 600 of the firm's 2,000 employees worked at the Trade Center.
Oppenheimer Funds manages more than US$125 billion in more than 65 funds, according to its Web site. The firm, whose offices were at 2 World Trade Center, said in a note posted on its Web site that account records were not affected by the attack. "All records are kept at our Denver facility and are backed up daily," the firm said.
Citigroup Asset Management is the largest of the money management firms that had World Trade Center offices, with more than US$408.5 billion under management and more than 70 mutual funds, according to its Web site.
According to Nelson Information, the firm employed 859 people, including 501 portfolio managers, analysts and traders last year. It had offices at 7 World Trade Center and has branch offices in Stamford, Connecticut and London. A spokesman for the firm could not be reached for comment.
Fiduciary Trust Company International, which managed US$47.2 billion as of December, employed 120 people including 36 fund managers, analysts and traders, according to Nelson. The firm, a unit of mutual fund group Franklin Resources Inc, had offices at 2 World Trade Center.
"Our primary concern is for the safety and well-being of all of our Fiduciary Trust employees and their families who may have been affected by this tragedy," said Franklin spokeswoman Lisa Gallegos in a written statement. She could not immediately provide details of the number of Fiduciary employees in the building.
Edinburgh-based Friends Ivory & Sime had offices at 1 World Trade Center, according to Nelson. The firm, which practices socially responsible investing, manages more than US$60 billion according to its Web site. It employs about 400 people, including about 90 investment professionals. A spokesman for the firm could not be immediately reached for comment.
Morgan Stanley Investment Advisors Inc employed 56 people, including 34 managers, analysts and traders at 2 World Trade Center, according to Nelson. The unit of the Wall Street securities firm managed US$4.63 billion as of December.
Morgan Stanley Dean Witter was the Trade Center's largest tenant with about 3,500 people employed there. Chairman Philip Purcell assured clients in a statement that "their assets are safe."
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