The states of Louisiana, Mississippi and Alabama may not be known as the center of the mutual fund universe. But when a devastatingly powerful Hurricane Katrina began bearing down on New Orleans and several other Gulfport cities two weeks ago, at least two mutual fund advisors knew it was time to high tail it to higher ground.
"Everybody in this business has their disaster recovery plans. We had a plan and backed up our systems on Saturday," said Farrell Crane, vice president and general counsel of Orleans Capital Management, whose office has been in New Orleans since 1911. With a total of $2 billion under management, the firm has been the sub-adviser to the Performance Strategic Dividend Fund for just over one year. The Performance Funds include a total of nine funds. All but the strategic dividend fund are internally managed by Trustmark Investment Advisors, a wholly-owned subsidiary of Trustmark National Bank, which is headquartered in Jackson, Miss., an area untouched by Katrina's wrath.