Ontario Teachers’ Pension Plan is planning to shut down its Hong Kong office, according to a March 19 Bloomberg report.
Spokesperson Dan Madge says the fund will be “optimising our footprint in the Asia Pacific region through our offices in Singapore and Mumbai, where we have teams focused across asset classes and regional markets”.
He adds that the pension fund had made the difficult decision to close the Hong Kong office and plans to wind down “on-the-ground operations” over the coming 18 months.
“Some Hong Kong-based employees will be offered the opportunity to transfer to Singapore, while others will leave the firm”, Madge says.
The fund had C$255.8 billion (US$177 billion) of assets under management as of end-June 2024.
The Ontario pension fund has taken several steps to reduce China exposure amid rising geopolitical tensions. In 2023, it shut down its Hong Kong-based China public equities team and paused direct investments in private assets in China, it reports.
