Having a "ruff" day? Money managers have some "paw-some" ways of relieving stress.
Winners of Pensions & Investment's 2023 Best Places to Work in Money Management program said integrating pet-related initiatives into their environment and culture helps to improve employees wellness.
From offering pet care and insurance to volunteering time to supporting animal shelters, there are several ways money managers support the welfare of furry companions.
And having pets in the office — especially when they're dressed for a holiday celebration — is one way firms are lightening up the mood in a demanding industry.
"There's a mental health component to having your dogs with you, especially after (the COVID-19 pandemic)," said Brie Elliott, head of human resources at Ballentine Partners. "Because we work from home so much, people aren't used to being away from their pets, so being able to bring them is one less stressor to an employee."
Ballentine, which managed $10 billion in assets as of June 30, has been a BPTW winner six times, including in 2023. The Waltham, Mass.-based family office is one of the few firms among BPTW winners that allow employees to bring their furry companions to work.
Dogs have been welcome at Ballentine's New Hampshire offices in Wolfeboro and Rochester since 2016, thanks to a deal negotiated with landlords.
As many as eight friendly well-behaved dogs, big and small, come to work on Thursdays, free to roam the office or hang around their owners' desks, Elliott added. One small dog named George gets annoyed when Elliott's office door is closed, so "he'll pick up his paw and tap on the glass."
Belle Haven Investments started allowing pets in the office during the pandemic. When employee numbers were limited in the firm's office in Rye Brook, N.Y., a suggestion was made to allow dogs in the office to "boost morale," said Nicole Robbins, director of marketing at the firm.
What started off as a monthly perk of having "a little happy dog walking around the office" became a once-a-week deal, usually on Fridays or special occasions such as Halloween.
Many Belle Haven employees have bigger dogs and puppies that may be hard to keep inside the office space for a full day. But Gracie — a small, older well-behaved dog owned by portfolio manager Cara Greeley — tends to be the office's primary furry visitor.
When Greeley brings her dog, one can "immediately hear Gracie's little collar jingling, and everyone perks up," Robbins said. Gracie is commonly found sitting behind the desk of CEO and CIO Matthew Dalton, who is generous with treats and has a water bowl and blanket already set up.
When Gracie isn't in the office, the photo of her in a Victorian outfit hanging in the middle of the trading desk becomes an interesting talking point for visiting clients.
When Belle Haven employees know that a familiar pet-loving client is visiting, Robbins said they "would almost make it a point to have the pet in the office because we know they would like to see that." Belle Haven, which had an AUM of $16.17 billion as of Oct. 31, has been a BPTW winner six times, including in 2023.
At Schroder Investment Management North America, there's an annual "puppy therapy" day that's part of the firm's Mental Health Awareness Month program in May. Employees get 10 minutes each to play with the puppies in the firm's big multipurpose room, said Racheal Hanifan, head of human resources for the Americas region at Schroders. Dog handlers help supervise and feed the puppies.
The idea originated from a bring-your-children-to-work day celebration in 2019; the puppies "appealed not only to the kids but to all of our employees as well," Hanifan said. She had read how petting animals reduces stress, which is something that can "really help with that stress-relieving aspect of mental health."
Schroders had $101.6 billion in assets under management in the North American region as of June 30.
Employees at Shelton Capital Management can bring dogs to the firm's Denver office on Fridays. While working from home during the pandemic, employees created a photo collage of their home office setups, some including dogs, and shared it for their firm's BPTW profile in 2020.
Bringing the pets at work is like bringing "a little piece of home," said Clark Davis, director of marketing at Shelton. And having employees share that piece adds an element to the firm's fun culture.
"For everyone who doesn't have pets at home, it's great because you actually have a little furry friend to be with — because I don't have a dog, and I love dogs," added Bronte Cochran, a digital marketing associate at Shelton. "For those of us who don't have animals, it's really nice that we can add that little thing to share at work. I think it's pretty important that they all just love it when they come in."
Shelton has been a BPTW winner four times, including in 2023. The firm had $4.3 billion in assets under management as of Sept. 30.
Another way firms allow employees to share their pets is through internal communication tools like newsletters and dedicated pet channels in messaging platforms such as Slack.
At Fort Washington Investment Advisors, CEO and President Maribeth Rahe said having pets in the office would be great but the firm does not allow it in an abundance of caution for employees with allergies.
But in its company newsletters, the Cincinnati-based money manager invites employees to talk about their families, including pets. There's plenty of pet-related news, from newly adopted dogs to photos of pets having fun with their owners.
Fort Washington has been a BPTW winner nine times, including in 2023. The firm had $74.3 billion in assets under management as of Sept. 30.
During the pandemic, Hamilton Lane Advisors created a Slack channel to share "pup dates" and other pet photos to alleviate stress from working remotely, said Tia Wilson, a corporate communications and public relations analyst at the firm.
On a grander scale of communication, Hamilton Lane held auditions for employee pets to play a part of the firm's 2023 "Wizard of Oz"-themed presentation of its annual overview report on private markets. Lola, a Shih Tzu-miniature poodle mix, was cast as Toto opposite wizard-playing CEO Mario Giannini in the video portion of the broadcast.
Hamilton Lane, which ranked No. 2 among firms with 500 to 999 employees, has been a BPTW winner since the program's inception in 2012. The firm had $119.2 billion in assets under management and $734.8 billion in assets under supervision as of Sept. 30.
Money managers have been rolling out pet-related benefits to support both emotional wellness and financial wellness of employees.
Among the 123 money managers recognized as BPTW winners in 2023, 17 offer pet insurance, including Ballentine, Schroders and Hamilton Lane.
Ballentine began offering pet insurance in 2017 and now features two plans for cats and dogs. With pets commanding a big role in employees' personal lives, Elliott said they "were looking for ways to protect them, just like they protect their families."
Schroders started offering pet insurance in 2023, Hanifan said. It provides up to $25,000 for cats and dogs and up to $10,000 for exotic pets such as rabbits and reptiles.
Hamilton Lane began offering customizable pet insurance plans in 2021, said Jessica Homa, vice president of global benefits and wellness. The insurance reimburses up to $7,500 for dogs, cats and most exotic animals. Homa said 6% of the company's U.S.-based staff have pet insurance, adding that there was a 15% increase in participation for 2024.
