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Thursday, March 12, 2020

Two Big Firms Go Partly Remote

News summary by MFWire's editors

A pair of big asset managers are going at least partly remote at their headquarters as the coronavirus pandemic continues.

Jose Minaya
President, Chief Investment Officer
Management at New York City-based TIAA, parent of Nuveen, is asking their Gotham employees to work from home for now, BusinessInsider and Citywire report. They informed employees via memo on Monday.

TIAA's Manhattan move is in response to a one of their employees testing positive for the virus. That employee reportedly worked out of a WeWork location at 575 Lexington, a location that is expected to reopen today after cleaning. (A New York City-based employee at another asset manager, has also tested positive and is working from home, as previously reported.)

Meanwhile, management at Allianz's Pimco has moved some of their PMs to an offsite "business continuity site" away from the fixed income fund firm's Newport Beach headquarters, Bloomberg reports. They're also allowing employees to work remotely and limiting international travel.

"This is a proactive, precautionary step and not a reaction to a coronavirus-related exposure," a Pimco memo reportedly reads. 

Edited by: Neil Anderson, Managing Editor

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