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Citadel, Blackstone Allow Remote Work Again as Omicron Rages

Citadel Tells Staff They Can Work Remotely Through End of Year

Citadel, Blackstone Inc. and Millennium Management are among asset managers telling staff this week that they may once again work remotely, at least for the next several weeks, in response to the latest spike of Covid cases.

Ken Griffin’s Citadel, among the earliest hedge funds to require staff to return to the office during the pandemic, isn’t mandating that they stay away, a spokesman for the Chicago-based firm said Thursday in an email. The guidance also applies to Griffin’s market-making operation, Citadel Securities.

Blackstone, the world’s biggest alternative asset manager, told its U.S. employees they can work from home for the rest of the year, as did rival Carlyle Group Inc., according to spokespeople for both private equity firms. 

“Out of an abundance of caution, we are encouraging our people to work from home for the remainder of the year,” Washington-based Carlyle said in an emailed statement. “We plan to return to our hybrid approach in the new year.”

Almost two years into the pandemic, the rise of the omicron variant is upending companies’ plans to bring workers back, forcing them to cancel holiday parties and pushing in-person conferences back online. Omicron will assume a dominant role in the U.S. “very soon,” possibly in a matter of weeks, President Joe Biden’s chief medical adviser for Covid-19, Anthony Fauci, said Thursday.

Izzy Englander’s Millennium told staff Wednesday that they can work remotely starting Monday through Jan. 7, according to a person familiar with the matter. Those who choose to enter the office will be required to undergo daily Covid testing. A spokesman for the firm declined to comment.

D.E. Shaw, meanwhile, is delaying its hybrid return-to-office plans for an unspecified period. The firm initially expected to bring staff back to the office for at least three days a week starting in October, but that had already been pushed back to early 2022. Now there is no specific return date, a spokeswoman said.

At the end of November, Two Sigma Investments told employees it was delaying its return-to-office mandate until the end of the first quarter, according to a person familiar with the firm. Two Sigma was anticipating a surge in cases after the holidays, said the person, noting that the emergence of omicron factored into its decision.

©2021 Bloomberg L.P.