Wildfires Disrupt Los Angeles Asset Management Firms as Operations Adapt

Wildfires Disrupt Los Angeles Asset Management Firms as Operations Adapt

Key Points

  • The Los Angeles wildfires affected firms managing over $4 trillion in assets. TCW CEO Katie Koch and other employees lost their homes to the fires.
  • Anacapa Advisors lost its Pacific Palisades office but continues operations remotely.
  • Oaktree Capital ensures uninterrupted operations via a backup-powered data center.
  • Firms like DoubleLine and Milken Institute adopt remote work due to air quality concerns.

Los Angeles-based asset management firms, which collectively oversee more than $4 trillion in assets, are grappling with the devastating impact of ongoing wildfires. Firms like Capital Group, TCW Group, Oaktree Capital, and Ares Management have been forced to adapt, with some relocating offices and offering support to employees affected by the destruction.

The fires have ravaged neighborhoods across Los Angeles, turning homes to ash and creating a surreal, apocalyptic landscape. Katie Koch, CEO of TCW, a firm managing $203 billion in assets, shared that several team members, including her own family, lost their homes. Despite the devastation, TCW has confirmed that all employees are safe and accounted for.

Anacapa Advisors, a $60.5 million hedge fund, saw its Pacific Palisades office destroyed in the Palisades Fire. The firm quickly implemented its business continuity plan, with staff working remotely and maintaining full access to trading platforms. Founder Phil Pecsok evacuated his home and is operating from a secondary residence.

Oaktree Capital, managing over $200 billion in assets, has maintained regular business operations in its downtown Los Angeles office. The firm’s data center, equipped with backup power, ensures uninterrupted service during potential outages. However, the fires personally affected many of Oaktree’s employees.

Other firms, like DoubleLine, Dimensional Fund Advisors, and the Milken Institute, have adopted remote work policies due to poor air quality and safety concerns. The Milken Institute closed its Santa Monica office entirely, urging staff to prioritize family and health. Bel Air Investment Advisors, which manages over $10 billion, also transitioned to remote work. Partner Kevin Philip noted that the COVID-19 pandemic had prepared the firm for such challenges.

As the Santa Ana winds persist, the threat of further fire spread looms, prompting asset management firms across the region to remain vigilant and prioritize the safety of their teams and clients.

EDITORIAL TEAM
EDITORIAL TEAM
TechGolly editorial team led by Al Mahmud Al Mamun. He worked as an Editor-in-Chief at a world-leading professional research Magazine. Rasel Hossain and Enamul Kabir are supporting as Managing Editor. Our team is intercorporate with technologists, researchers, and technology writers. We have substantial knowledge and background in Information Technology (IT), Artificial Intelligence (AI), and Embedded Technology.

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