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Teachers’ Closing Hong Kong Office, Optimizing APAC Footprint
The Ontario Teachers’ Pension Plan is closing its Hong Kong office as it shifts focus to its other Asia-Pacific locations.
The fund manager announced the move in its latest quarterly report, while other media outlets also reported the decision.
Teachers’ will wind down the office over the next 18 months or more, Dan Madge, a company spokesman, told The Globe and Mail.
“Following year-end, we made the decision to optimize our Asia-Pacific office footprint with a focus on our Singapore and Mumbai locations,” Teachers’ said in its quarterly report. As a result, we have made the decision to close our Hong Kong office.”
“We established this office in 2013 as our first in the region and have since opened additional regional offices in Singapore and Mumbai, where we have teams working across asset classes and markets. We believe activities currently undertaken in Hong Kong can be effectively and efficiently served out of Singapore going forward.”
The Globe reported that Teachers’ has been pulling back on investments in China, pausing direct investments in private assets there since 2023 amid a more challenging business and political climate. The pension fund had about $5 billion invested in China at the time, according to the Globe.
Lately, most of the investments made from Hong Kong have been in markets such as Australia, New Zealand, Korea and Japan. Teachers’ Asia-Pacific executive managing director Bruce Crane is based in Singapore.
The Hong Kong office closure will enable Teachers’ to bring investment teams split across two locations into one office, Madge told the Globe.
“The Asia-Pacific region continues to be part of our long-term strategy,” he added.
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