Canada’s Alberta Investment Management has shut down its Singapore office after less than two years and closed its year-old New York office after “careful evaluation of costs”, according to Bloomberg.
With the closures, the company has also parted ways with Kevin Bong, chief investment strategist and head of Singapore, and David Scudellari, global head of private assets, the news agency says in a report on February 14.
Alberta Investment Management invests globally on behalf of pension, endowment, insurance and government fund clients in the western Canadian province of Alberta. The company managed US$158 billion of assets as of end-2024.
It opened the Singapore office in September 2023, and the New York office in February 2024.
“The decision [to close the two offices] follows a careful evaluation of the operational costs and the overall impact on our investment objectives,” Sabrina Bhangoo, a spokesperson for the company, is quoted as saying in an email to Bloomberg.
According to Bhangoo, the company remains “committed to pursuing investment opportunities” in the Asia Pacific region and globally, “leveraging our extensive network of partners and existing offices to provide continued value to our clients”.
Spokespersons for the pension fund manager did not immediately respond to questions from Asia Asset Management.