Beyond ensuring that their employees can function in a remote-work environment, fund managers have had to face various issues relating to the operation of their businesses. As the financial markets have fluctuated and various jurisdictions have imposed new restrictions, fund managers have faced complications with their trading strategies and valuation methodologies. In addition, managers must pay increasing attention to managing third-party service providers and ensuring their – and the managers’ own – cybersecurity is ironclad. To explore these and other issues, the Hedge Fund Law Report recently conducted a webinar featuring Stroock partner Michael Emanuel. This second article in a two-part series outlines various ways that the pandemic has affected managers’ businesses, including with respect to operational due diligence, valuation, trading and side letters; management of third-party service providers; and cybersecurity considerations. The first article explored fund manager business continuity plans and disaster recovery plans, regulatory considerations and questions regarding allocation of expenses incurred during the pandemic. See our three-part series “How Fund Managers Can Withstand the Coronavirus Pandemic”: Form ADV Filing Relief, Investor Communications and Fund Valuation (Apr. 2, 2020); Marketing Disruptions, Key Person Clauses and Cybersecurity Concerns (Apr. 9, 2020); and Business Continuity and Other Operational Risks (Apr. 16, 2020).