Ontario Teachers' to close Hong Kong office amid geopolitical risks and shift to Singapore
Ontario Teachers' Pension Plan, the third-largest pension fund in Canada, is shutting down its Hong Kong office as it reduces its exposure to the region amid persistent political risks.
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'We have made the difficult decision to close our Hong Kong office and plan to wind down on-the-ground operations over the coming 18+ months,' the fund's spokesman said in a statement on Thursday.
'As part of this change, certain Hong Kong-based employees will be offered the opportunity to transfer to Singapore. Unfortunately, others will leave the organisation and we're working to support each of them.'
Ontario Teachers' managed C$255.8 billion (US$178.5 billion) as of mid-2024, making it the world's 20th largest by assets under management. It manages funds for 340,000 retired and working teachers and invests in more than 50 countries.
Ontario Teachers' currently has about 20 employees in Hong Kong, down from 35 in September 2022. Photo: Xinhua
The decision to close the office follows its move to step back from China deals and the departure of top regional executives.
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