After almost two months, a global investment banking, advisory and alternative asset manager has allowed staff to resume working from its Shanghai office in China.
Alantra has been responding to the impact of the coronavirus since January and says its Shanghai team was the first affected; The company immediately transitioned employees to work remotely from their homes. However, they have now returned to working at the office, it has revealed.
Shanghai is 838 km from Wuhan where the outbreak first took place (nearly 6 hours’ drive away or 4 and a half hours by train). The city reported 3 new cases on Tuesday with 34 suspected cases being investigated, but the Shanghai Health Commission has reportedly said no local cases were among them. One of the newly diagnosed is Canadian who works in Switzerland, reports Shine.nl. The person arrived at Pudong International Airport via Geneva and Paris and has been quarantined after showing symptoms.
In total, 388 locally transmitted cases have occurred but zero new ones among locals in the past two weeks. In total there have been three deaths caused by the coronavirus.
The city of Wuhan reported just one new confirmed case for the second day in a row.
Alantra’s team in Milan has been working from home for three weeks and more are expected to work remotely that are based in Copenhagen, Stockholm, Vienna, Brussels, Madrid, and the US.
The firm said its asset management business was closely monitoring the evolution and potential impact on its portfolio companies. ‘We are operating under the assumption that prior revenue budgets will not be met this year in most of our businesses and that unexpected supply chain issues will likely take place.’
It owns private and public companies, real assets (real estate and infrastructure), and is a lender of credit, either through funds or managed accounts.
Its credit advisory team expects sellers to continue preparing their 2020 transactions, ‘but most likely with delayed timelines into the second half of the year'.