Ontario Teachers’ Pension Plan will shut its Hong Kong office as it reduces exposure to China, sources said. The Canadian fund, managing CAD255.8bn (USD177.94bn) as of mid-2024, announced the decision internally. Spokesperson Dan Madge said the firm will optimise its Asia-Pacific footprint via its Singapore and Mumbai offices, with Hong Kong operations winding down over 18 months. Some staff may transfer to Singapore, while others will leave. The office, which had 35 employees in 2022, is now down to about 20, mainly in private equity. Ontario Teachers’ has been scaling back China investments, shutting its Hong Kong-based public equities team in 2023. The fund, managing assets in over 50 countries, has CAD22bn invested in Asia-Pacific.