Asset management firms in Los Angeles with over $4 trillion under their purview are managing the aftermath of devastating wildfires in the region. Some have relocated offices and are supporting staff who lost homes. Major industry players like Capital Group, TCW Group, Oaktree Capital, and Ares Management are based in the area, managing a significant portion of global assets. The fires have caused widespread destruction, displacing team members and destroying homes. Despite challenges, firms like TCW and Anacapa Advisors are ensuring business continuity, with employees working remotely. Precautionary measures are being taken as Santa Ana winds persist. Firms like Oaktree Capital are operating normally with precautions. DoubleLine’s LA employees are remote due to poor air quality. Other firms like Milken Institute and Dimensional Fund Advisors have shifted to work-from-home setups.
Aid has announced the closure of its office, with a directive for staff to prioritize family care and work remotely. Similarly, DFA has advised its employees to adopt a remote working setup if feasible. Kevin Philip, a partner at Bel Air Investment Advisors in Los Angeles overseeing assets exceeding $10 billion, shared that he and some of his colleagues have successfully transitioned to remote work. Addressing the impact of the COVID-19 pandemic, Philip remarked that their preparedness has been instrumental in maintaining operational continuity during these challenging times.
In contrast, certain major asset management firms, like Pimco, are geographically distanced from immediate threats. Pimco, situated approximately 40 miles south of Los Angeles in Newport Beach, chose not to provide a statement on their current operations.
Contributions to this report were made by Suzanne McGee in Providence and Davide Barbuscia in New York, with additional insights from Carolina Mandl. Editing was handled by Megan Davies and Jamie Freed.
