New York investment managers optimistic on a return to the office before 2021

By the end of the calendar year, 54% of alternative investment managers expect a full return to their offices, according to a Seward & Kissel Covid-19 survey of managers of hedge funds, private equity funds and other alternative investment vehicles. According to the law firm, the majority of participants in this particular study are from New York City (58%) while the rest are in the U.S. with only 8% being from outside the U.S. Firms from New York City were more optimistic than firms from outside of the city, with 90% of NYC respondents believing that half their workforce would be back by the end of 2020, compared to 75% of the respondents from elsewhere. However, NYC firms also believed that the pandemic would have a greater impact on their physical footprint, with 28% feeling they would reduce their office space. Only 5% of respondents from elsewhere shared this belief.“Technology tools have obviously made it possible to work remotely more seamlessly than ever before, but certain survey results -- like the relatively small percentage of respondents outside of New York City who believe that their office spaces will be reduced -- suggest that physical workspaces still matter, especially for more complex organizations” said lead author Steve Nadel. While 54% of respondents expect to be 100% back in their offices by Q4 2020, an optimistic 89% of respondents believe that at least 50% of their workforce will be back in the office by the end of 2020. Firms with workforces of 100 or more were less optimistic however on a full return to the office prior to 2021, with only 33% expecting a 100% return. Respondents also indicated a widespread belief that the pandemic will have a significant impact on the way they work, 72% believe that their firms are going to change work-from-home policies. Prior to the pandemic 47% of firms did not have a work-from-home policy. This varied depending on the size of the firm with 37% of firms with 1-10 people and 67% of firms with 100-499 people saying they did not have a work-from-home policy prior to 2020.

New York investment managers optimistic on a return to the office before 2021

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