(Bloomberg) -- Pacific Investment Management Co. has split up its portfolio management team in response to the deadly coronavirus.
“Pimco has temporarily moved some of its portfolio management team to a trade floor at a business continuity site away from its main office in Newport Beach,” the firm said in a memo seen by Bloomberg News. “This is a proactive, precautionary step and not a reaction to a coronavirus-related exposure.”
Financial firms have canceled or rescheduled events, separated teams and adopted plans to allow employees to work at home amid the spreading virus, which was declared a global pandemic Wednesday by the World Health Organization. Capital One Financial Corp. told employees on Wednesday to work from home if they can.
Pimco, which manages $1.9 trillion, has taken other steps to protect employees and the ability to serve clients, including:
- Limiting travel in the Asia Pacific, European and Middle East regions
- Allowing employees to work remotely
- Staging its quarterly economic forum, when the firm shapes its short-term economic outlook, for remote access last week
Previously: Pimco's Fels Says Worst Is to Come With Recession Forecast
To contact the reporter on this story: John Gittelsohn in Los Angeles at johngitt@bloomberg.net
To contact the editors responsible for this story: Sam Mamudi at smamudi@bloomberg.net, Alan Mirabella, Melissa Karsh
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