Several money managers in Boston had staff working at home or from remote locations Friday following a lockdown of the metropolitan area while police search for a man suspected in the Boston Marathon bombings.
“We have taken appropriate steps consistent with the advice of the authorities,” said Vin Loporchio, spokesman for Fidelity Investments. “Our Boston-based employees are working remotely. For those who have gone into the office, we are informing them that they should refrain from leaving.”
He added Fidelity “has business contingency plans in place that enable us to continue to service our customers.”
At State Street Corp. (STT), employees also were asked to work from home “and follow direction from local, state or federal authorities,” a statement said. “We continue to maintain critical business functions while ensuring the safety of our employees.”
Churchill G. Franklin, CEO of Acadian Asset Management, said he was about to leave home to commute to work when he received a call from Acadian's human resources department recommending he “make alternate plans,” since his trip along the Massachusetts Turnpike would skirt the area where the search was underway. He and the rest of Acadian's Boston-based employees, numbering about 200, were able to conduct regular business via mobile work stations, e-mail and cellular phones.
Acadian's offices were closed Friday, but staffers who were already en route to their office, most of them coming from the north and south of Boston, were told they could go into the office and work there. “I'm impressed with how the flow of work is going,” Mr. Franklin said.
Most of Loomis Sayles' employees were working from home, spokeswoman Erin Heard said in an e-mail.
Employees at Old Mutual Asset Management were given the option to work remotely or in the office. “Our systems have been designed so every OMAM employee is able to work remotely and work securely, and they have performed seamlessly, with complete functionality, throughout, said Tom McLain, OMAM's chief information officer.
Baring Asset Management “activated our business continuity plans and have advised staff from the Boston office to work from home. Everyone has full remote access to their desktops so we can maintain business as usual,” a spokesman said.