It has been one month since we transitioned our global employee base to a remote environment, with close to 100% of our workforce logging in from home. When we transitioned to working from home, we focused on implementing our plan for an operational platform that was equal to our in-office infrastructure. Of course there were challenges and lessons learned along the way, but we are proud to say that our employees have been incredibly productive and effective as they work to support our global client base.
Our investment teams were very active throughout March, causing our trading and client allocation activity to essentially double. Activity spanned our global trading platform, with hard work and coordination across the teams in Boston, Chicago (Oakbrook), Detroit (Bloomfield Hills), London, San Francisco (Orinda) and Singapore. All of this trading activity occurred without an increase in our error rate. The dramatic number of credit downgrades in the market meant our credit analysts published 90% more research notes to keep our investment teams informed. Our relationship managers, marketing teams, corporate communications group and legal team were also prolific in connecting with our clients, delivering timely communications and sharing insights from our investment teams.
While we are all certainly eager to connect in person with our colleagues, clients and friends, we recognize that the timeline for a return to “normal” is outside our control. Over the next weeks and months, we will continue to evolve our operations and business continuity plans to support a gradual transition back to a more connected society and economy. We remain committed to remote work, social distancing and doing what we can to support public health and mitigate the impact of the virus.
As always, our number one priority is to provide superior service and helpful guidance as we all navigate these turbulent markets and uncertain times.
Wishing you, your colleagues and family good health.
Kevin P. Charleston
Chairman & CEO