7 in 10 asset managers cancel plans amidst COVID-19 outbreak

Nearly two-thirds have also suspended travel to other parts of the world.

Amidst the COVID-19 outbreak, 73% of Singapore’s asset management companies have already cancelled or deferred their events, and only 8% said they would still proceed with their plans, a survey by the Investment Management Association of Singapore (IMAS) revealed.

As arranging face-to-face meetings remain difficult, three-quarters of those that would proceed with their plans said they are exploring alternative formats for their events.

Under DORSCON Orange, 45% of companies entered into split team arrangements with segregated teams telecommuting and physically present in the office. About 20% said that nearly all their employees telecommute.

63% have also suspended travel to other parts of the world, and Hong Kong was the most frequently selected country (31%) followed by Taiwan (14%). 98% of firms have suspended all employee travel to China.

When asked whether the situation in China will affect their fund launches or not, a majority (29%) said their China-related fund launches or fund business will unlikely be impacted by COVID-19.

IMAS received 51 responses from member firms that include Aberdeen, BlackRock, BNP, Franklin Templeton, Fullerton Fund Management, KPMG, and Nikko Asset Management.