Ontario Teachers’ Pension Plan closing Hong Kong office

Ontario Teachers’ Pension Plan is closing its office in Hong Kong. This decision comes as the fund aims to reduce its exposure to geopolitical risks in the region. A spokesman announced that the office will wind down over the next 18 months. Some employees based in Hong Kong will have the chance to transfer to Singapore. However, others will not have this opportunity and may leave the organization. The fund is providing support to those affected. As of mid-2024, Ontario Teachers’ managed about C$255.8 billion (US$178.5 billion), making it the 20th largest pension fund in the world. It serves 340,000 teachers and invests in more than 50 countries. This office closure follows a recent trend of moving away from China deals and leadership changes in the region.