The vast majority of money manager offices remain closed due to the COVID-19 pandemic, with just under half uncertain when they will reopen, according to a survey from investment consultant Callan.
Of the 108 money managers surveyed, 84% said their offices were still closed as of June 5, and 41% of those managers were uncertain of the timing of their reopening.
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 afterwards, and the majority of respondents in Central, Pacific, Southeast and overseas regions plan to reopen in July or earlier.
When asked how many employees are working remotely as of June 5, 46% said all their employees are doing so, while 41% said 90% to 99% of their workforce was doing so. Seven percent said 80% to 89% are working remotely and 6% said 75% or fewer. Ninety-seven percent of all respondents said outside visitors are banned from their offices.
When asked about the resumption of business travel, 68% of larger firms — those with more than $50 billion in assets under management — are targeting Sept. 8 or earlier for the resumption of travel, while 53% of smaller firms have that target.