Key Takeaways
- • Ontario Teachers' Pension Plan is planning to shut down its Hong Kong office, according to a March 19 Bloomberg report, with on-the-ground operations to be wound down over the coming 18 months.
- • The pension fund will consolidate its Asia Pacific presence in Singapore and Mumbai, where it has teams across asset classes and regional markets, per spokesperson Dan Madge.
- • Some Hong Kong-based employees will be offered the chance to transfer to Singapore, while others will leave the firm.
- • The fund managed C$255.8 billion (US$177 billion) in assets as of end-June 2024, and the move follows earlier steps to reduce China exposure.
Summary
Ontario Teachers' Pension Plan is planning to close its Hong Kong office, according to a March 19 Bloomberg report. Spokesperson Dan Madge said the fund is "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 said the pension fund made the "difficult decision" to close the Hong Kong office and will wind down "on-the-ground operations" over the coming 18 months.
Madge said some Hong Kong-based employees will be offered the opportunity to transfer to Singapore, while others will leave the firm. The fund had C$255.8 billion (US$177 billion) of assets under management as of end-June 2024.
The decision continues a series of steps the Ontario pension fund has taken to reduce its China exposure amid rising geopolitical tensions. In 2023, according to Bloomberg, it shut down its Hong Kong-based China public equities team and paused direct investments in private assets in China.
Madge said some Hong Kong-based employees will be offered the opportunity to transfer to Singapore, while others will leave the firm. The fund had C$255.8 billion (US$177 billion) of assets under management as of end-June 2024.
The decision continues a series of steps the Ontario pension fund has taken to reduce its China exposure amid rising geopolitical tensions. In 2023, according to Bloomberg, it shut down its Hong Kong-based China public equities team and paused direct investments in private assets in China.
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