Ontario Pension Fund Closes Hong Kong Office
A Canadian pension for teachers is shutting down its Hong Kong office amid persistently rising geopolitical tensions.
Ontario Teachers’ Pension Plan is planning to close its Hong Kong office, according to a «Bloomberg» report citing unnamed sources.
«We will be optimizing 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,» said spokesperson Dan Madge.
Madge added that some Hong Kong-based employees will be offered the opportunity to transfer to the Singapore office and others will leave the firm. The plan to wind down operations on the ground will occur over the coming 18 months.
Geopolitical Risks
According to the report, the pension had already taken steps to reduce China exposure amid rising geopolitical tensions, including the closure of its Hong Kong-based China public equities team and a pause of direct investments in private assets within the country.
The pension manages funds for 340,000 retired and working teachers with C$255.8 billion ($178.5 billion) in assets under management as of mid-2024. Across APAC, it has over 60 employees, including about 20 in Hong Kong, with C$22 billion of gross investments in the region.
