A recent survey by the Investment Management Association of Singapore (IMAS) has revealed that the majority of Singapore’s asset managers are suspending travel to China and deferring their events in the wake of the deadly coronavirus (Covid-19) outbreak.
The study included responses from 51 member firms including Amundi, Aberdeen, BlackRock, BNP Paribas, Franklin Templeton, Schroder Investment Management, and Pictet Asset Management, among others.
Of the firms polled, 98% have suspended all employee travel to China while 73% said that they have called off or deferred their events.
Only 8% of the respondents said that their events would proceed as planned. Of these respondents, three-quarters are eyeing alternative event formats.
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When asked whether the outbreak would impact fund launches or fund business related to China, 29% nodded in the negative.
The study further unveiled that 45% of the respondents have implemented a split team arrangement in order to prevent the spread of the virus.
Moreover, 20% of the firms have asked all their staff to telecommute, excluding those employees who are required to be present.
The death toll from Covid-19 has crossed 2,750, according to data accumulated till 25 February.
Globally, a total of around 81,000 people have been infected with the virus, with Switzerland, Brazil and Algeria reporting their first Covid-19 case.
In Europe, the country most affected by Covid-19 is Italy. The country has reported 322 confirmed cases and 11 deaths so far.
Fearing the spread of the virus, multiple banks including HSBC, Standard Chartered, and UOB, recently closed outlets in China, Hong Kong, and Macau.