Norway wealth fund closes Shanghai office

NBIM, Norges Bank Investment Management, ShanghaiNorges Bank Investment Management (NBIM), the fund manager that oversees Norway’s sovereign wealth fund, has announced that it is closing its Shanghai office and instead moving more of its activity to Singapore. The firm says the move is “driven by operational considerations” and does not affect the fund’s investment strategy. However, it comes amid growing concern among international funds and asset owners about their China interests. The Shanghai office was originally opened in 2007 and currently has eight members of staff. Meanwhile, NBIM’s Singapore office has “increasingly served” as the hub for the whole Asian region and has been built up to take care of the firm’s operations in the region, including its China assets. As of the end of 2022, Norway’s US$1.4 trillion government pension fund was invested in 850 Chinese companies with $42 billion in assets under management. Nor is NBIM the only asset manager looking to Singapore rather than China. UK asset manager LGIM recently opened a Singapore office, while Canadian pension fund Alberta Investment Management Corp (AIMCo) recently opened its first Asian office, also in Singapore. The pension fund’s CEO, Evan Siddell, told Canadian media that the decision to choose Singapore rather than China was influenced by geopolitical factors. "We're not rushing into China. We basically have almost nothing (invested) in China and really only in passive instruments," Siddall told the Canadian Press. "There are some countries, where the rule of law and corruption are concerns, that we would rather just avoid, frankly." © 2023 funds global asia


A quiet revolution in Japan’s corporate governance

revolution, Japan, corporate governance, Shareholders, corporate, governance, standards, improvement, Tetsuro Takase, SuMi TrustShareholders in Japan no longer accept below-par corporate governance standards. Changes are taking place, but there are still areas for improvement, says Tetsuro Takase at SuMi Trust.

Why rising demand for healthcare is creating investment opportunities in China

rising demand, healthcare, investment, opportunities, China, Robert St Clair, Investment Strategy, Fullerton Fund ManagementRobert St Clair, head of investment strategy at Fullerton Fund Management, explores the reasons investors should be paying attention to the rising demand for healthcare in China.

Why take advantage of the recent dip in China’s internet sectors

advantage, China, internet, market, OctoberChina's internet market presents one of the most compelling long-term growth potentials for investors today, given the catalysts supporting the sector from both macro and fundamental perspectives, explains Dr Xiaolin Chen, head of international, KraneShares.

India’s growing importance to the global economy

India, importance, global economy, Apple, iPhone, ChinaThe China Plus One narrative might affect “the world’s factory” and give opportunities for India and other countries well-placed to assume part of the global supply burden. Written by Natalya Zeman, equity investment director, Capital Group.

Industry comments

Leading from the front: Back office is key to the next tech evolution

Leading, Back office, key, tech evolution, funds industry, transformational journey, yields, investor, Technology, Standard Chartered, Shikkoh Malik, funds landscapeThe funds industry is going through a transformational journey focused on generating enhanced yields and elevating the investor experience. Technology is a key driver propelling these initiatives. Standard Chartered’s Shikkoh Malik explains how the firm is leveraging modern technology to achieve efficiencies across the funds...

The world is waking up to India’s growth

world, India, growth, Indian, economy, UTI,  Praveen Jagwani, country, successAs the Indian economy goes from strength to strength, UTI international chief executive Praveen Jagwani highlights the myriad factors behind the country's recent success.

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