In the wake of yesterday’s felling of the twin towers of the World Trade Center in Manhattan, financial firms are coming to grips with the impact of the tragedy.

Major Canadian financial institutions have indicated that they believe none of their employees were harmed in the disaster. The World Trade Center’s biggest tenant, Morgan Stanley, reports that it only has limited information about the disaster beyond what has been reported in the news.

The firm’s key focus remains the well-being and safety of Morgan Stanley employees. Some 3,700 people working for Morgan Stanley’s individual investor businesses were based in the World Trade Center complex. The firm continues to work with local authorities, and has established a call center for employee-related safety concerns at 888-883-4391.

Firms located on the upper floors of the towers appear to have suffered severe casualties. Brokerage firm Cantor Fitzgerald L.P. and its subsidiary eSpeed have reportedly only accounted for 150 to 200 of the 1,000 employees who worked at 1 World Trade Center. President Peter da Puzzo is among the survivors.

The firm today said it is offering counseling and support services throughout the rest of the week for the employees, families and friends.

Cantor Fitzgerald says it is encouraging all extended family and friends to gather at the Pierre Hotel in Manhattan for counseling and crisis intervention and to share feelings in a safe environment.

“We are fully committed to providing our employees and their loved ones with the tools to cope with this unprecedented tragedy,” said Howard Lutnick, chairman of Cantor Fitzgerald and its subsidiary eSpeed. “We are all feeling the devastation of this incredible loss and will join together to cope at this terrible time.”

Some Cantor employees on the West Coast reportedly heard their colleagues over the squawk box as their offices were struck by the first plane.

Another firm, Fred Alger Management Inc., has apparently lost its president. It is believed that David Alger was lost in the attack, along with many of the firm’s research analysts and portfolio managers who remain unaccounted for as of today. Alger is familiar to many from his frequent appearances on CNBC.

Company chairman and namesake, Fred Alger, is resuming day-to-day active management of the firm effective immediately. The company had 55 employees at the location and 38 remain unaccounted for. The firm employs 235 people worldwide. It manages about US$16 billion.

“The terrorist attack is a personal tragedy for my family as well as for all of our employees and their families,” said Alger. “Fortunately a nucleus of research analysts survived the attack.”

“We would like to thank our clients for their many expressions of compassion and sympathy during this time of loss. Our dedication to them is unwavering and, despite the enormity of this tragic and horrific event, which has affected each and every one of us, we will be prepared to serve our clients when markets resume trading,” said Alger.