2 days ago
UK fund groups stand by hybrid working rules
Despite the increase in the number of firms in the financial sector, in particular, bringing an end to working from home, several big fund management groups, such as Aberdeen, Jupiter L&G among others, in the financial district of London (known as the 'City') have decided to maintain the status quo with their hybrid working policies.
However, the world's largest asset manager, BlackRock, has called most of its senior staff back to the office five days a week. The firm has asked around 1,000 managing directors globally to return to the office full-time, putting it at odds with most of its peers.
The US-head-quartered firm, which employs approximately 22,000 staff globally, first mandated back in 2023 that all staff be in the office four days a week. Its latest decision puts it at odds with other asset managers, some of which only require staff to work from the office two days a week.
'Nothing has changed on this for Jupiter,' a spokesperson for the FTSE, 250-listed group said. Jupiter's policy requires staff to work from the office three days a week. Chief executive Matthew Beesley said earlier this year that it had 'no plans at all to go back to a mandated five days a week office attendance'.
DWS, the asset manager majority-owned by Deutsche Bank, said it had made no changes to its policy.
A spokesperson for the group said London staff must work from the office two days a week. Royal London Asset Management has a similar approach – its staff are expected to work in the office at least 50 per cent of the week.
Meanwhile, Federated Hermes and Aberdeen have stuck with their requirement that staff be in the office at least three days a week.
Legal & General Asset Management also has no plans to change its current hybrid working policy, a spokesperson for the firm said: 'We have been consistent in our view that we are continuing to deliver for our clients with our people working in a hybrid fashion. Our expectations are for colleagues to be in the office between two and three days on average each week.' However, others have recently altered in-office requirements. A spokesperson for Fidelity International said it requires staff to be in the office for at least eight days each month. This will increase in September to 12 days.
Meanwhile, US bank State Street Global Advisors implemented a group-wide policy back in 2023 that staff work in the office four days a week.
'State Street has implemented a hybrid work approach of employees working four days per week in the office, balanced with the flexibility of working four weeks per year fully remote,' said a spokesperson.
'Managers are accountable for ensuring their teams comply with these expectations and are empowered to offer ad-hoc flexibility to employees as needed.' Other banks, including Barclays, Deutsche Bank, Moelis and UBS, have also rolled back their hybrid working policies.
JPMorgan had said back in January all its 320,000 staff must be in the office five days a week. It has seven UK offices, including its London HQ, technology hubs in Glasgow and Bournemouth and regional offices in Edinburgh, Manchester, Leeds and Bristol. It employs 14,000 people in Canary Wharf and in the financial district of London.
Citigroup has bucked the trend by allowing staff to work at home two days a week. Jane Fraser, the Chief Executive Officer, who has run Citi for almost four years, views hybrid working is helpful for recruitment. But in keeping with the push by other American banks, Goldman Sachs and Bank of America have long asked staff to be in the office full time.
Andy Jalil
The writer is our foreign correspondent based in the UK
