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Laxman Pai, Opalesque Asia: Offices remained closed for 84% of the money managers surveyed, with the vast majority of employees working remotely across essentially all firms, said a survey.
According to the survey from investment consultant Callan, 41% of those managers were uncertain of the timing of their reopening. Approximately 60% of respondents had a specified reopening date, with half of those noting July or earlier.
The report of the survey, "Coping with COVID-19: How Work is Evolving for Investment Managers," says of the 59% that do have a date of reopening, 96% plan to reopen by mid-September.
By region, over half the respondents in the Northeast were planning to reopen on Sept. 1 or afterward, and the majority of respondents in Central, Pacific, Southeast, and overseas regions plan to reopen in July or earlier.
A greater percentage of smaller firms (<$50bn in assets under management) kept their offices open relative to larger firms, and almost one-third of the offices in the Southeast were open versus 25% or less for other regions, said the survey.
97% of respondents banned outside visitors and more than 40% of respondents conducted all of their meetings via video conference call.
Nearly two-thirds of respondents said the number of meetings they had in May either increased or stayed the same.
Just under half of the respondents provided an anticipated date for resumption of travel, with the majority of those targeting Sept. 8 (the Tuesday after Labor Day) or earlier.
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