Pryce began to rely on custom models to protect its $165 billion emerging market debt and equity portfolios from the impact of the expected disruptive El Niño phenomenon. Aaron Gifford, Pryce's deputy director in charge of global sovereign debt research, said that the relevant planning began when the last El Niño phenomenon took shape. Two years ago, researchers at his alma mater Johns Hopkins University began developing a set of climate and weather analysis tools, and Pryce is currently using this set of tools in combination with its own econometric analysis. “Everything started working when I saw the news of another El Niño phenomenon,” said Gifford, who lives in Baltimore. “We began to realize that we could really benefit from taking a more rigorous approach on an academic level.”

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