NEWS
Canadian pension to set up shop in HK
03 December 2012
Category:
News, Asia, Hong Kong, Canada
By Asia Asset Management
Ontario Teachers' Pension Plan (OTPP) is in the preliminary planning stages of opening an Asian regional office in Hong Kong.
OTPP President and CEO Jim Leech said: "Given, the global nature of our business and the increasing importance of the Asian region to our fund, it is logical that we have a location there.” The office would be staffed by local and Canadian equities staff from the fund's private capital and public equities departments. All plans remain tentative for opening the office in 2013, he added.
This office would be the fund's second major regional office. The pension’s European, Middle East and Africa regions’ private capital office opened in London in 2007.
OTPP is the largest single-profession pension plan in Canada; it was managing US$117.1 billion worth of assets as of December 31, 2011. The fund invests assets and administers the pensions of 300,000 active and retired teachers in Ontario.
In 2011, the OTPP recorded an 11.2% rate of return generating $11.7 billion in investment income, which exceeded its benchmark of 9.8%.
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