TV coverage of Tuesday's terrorist attacks may have kept investors from paying attention to mutual fund transactions. That was the conclusion of a spokesman at a large mutual fund family, backed up by published reports that call volume to fund companies was unusually low.
At Vanguard Group's three call centers, some workers were sent home early, a spokesman said. Calls at one center were off by as much as 50% late in the day, compared to normal peak daily volume of 100,000 calls.
Call volumes were also lower at Fidelity Investments, and were "extraordinarily low" at American Century Investments. "I think people are just glued to their television sets," American Century spokesman Brian Spano told Reuters.