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June 15, 2020

Amundi, Schroders and other asset managers begin restaffing offices

Asset managers including Amundi, BNP Paribas Asset Management, Schroders are reopening their offices after their temporary closure due to the Covid-19 crisis.

According to a report by the Financial Times, Amundi, Schroders, Legal and General Investment Management (LGIM) and Ninety One have started to restaff its buildings in London.

BNP Paribas Asset Management, BlackRock and Invesco are reopening their continental Europe locations.

For the reopening, the firms would reportedly adopt a “split team” or rotational basis approach while abiding by local government guidance.

Europe’s largest manager, Amundi expects 30% of its employees to be back in the London office within days.

The figure is expected to increase to around half between July and September.

In France, 30% of the firm’s employees have already rejoined. The remainder will return on 22 June.

Vulnerable groups or those with childcare problems are exempted.

Eighty percent of the firm’s workforce in Asia also returned.

The firm also expects 70% of its staff to be back in Germany, Austria, Czech Republic and Italy soon.

In the case of LGIM, the majority of its employees is continuing remote working. However, the firm is making limited reoccupation in London, Cardiff as well as Hove.

A small number of employees at Schroders are currently working from its City of London location. The figure is expected to grow eventually.

Ninety One, earlier trading as Investec Asset Management, would make its London office available for use from 15 June.

This is said to be done “strictly on a need to [be there] basis under the current government guidance”.

BlackRock will soon open its Copenhagen, Vienna and Tel Aviv locations.

The firm has not yet revealed plans for reopening its London, Paris and Brussels locations.

The UK offices of M&G Investments, Jupiter, Janus Henderson and Invesco will, however, remain closed.

M&G made a phased restaffing in some countries. But for the UK, it opines that the earliest time to reopen its locations “in any meaningful way is September”.

Similarly, the bulk of UK employees at Standard Life Investments are expected to work remotely until the end of 2020.

Aviva Investors currently is in favour of work from home.

“We’re in no hurry to encourage people going into offices or having face-to-face meetings,” the firm noted.

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