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  • Writer's pictureBy The Financial District

Norway's $1.4-T Wealth Fund Shuts China Unit

Norges Bank Investment Management (NBIM), the operator of the world's largest sovereign wealth fund, has initiated the closure of its office in Shanghai, a signal of major global companies scaling back their operations in the world's second-largest economy. Laura He reported for CNN.


The decision to close its Shanghai office was driven by "operational considerations" and does not impact the fund's investments or its investment strategy in China. I Photo: Norges Bank



The firm, responsible for managing Norway's $1.4 trillion government pension fund, stands as the world's largest single investor in the stock market.


As of the end of 2022, it possessed shares valued at approximately $42 billion in around 850 Chinese companies. NBIM announced that these investments will be overseen from its Asia hub in Singapore going forward.



The decision to close its Shanghai office was driven by "operational considerations" and does not impact the fund's investments or its investment strategy in China, as per a statement released by NBIM.


The Shanghai office currently employs eight individuals, and the fund assured that the closure process is being executed in an organized manner.


All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

This retreat aligns with the broader trend of international investors reducing their presence in China due to growing uncertainties surrounding conducting business in the country.


Earlier this year, the Ontario Teachers' Pension Plan, one of the world's largest pension funds, shuttered its China equity investment team based in Hong Kong. A spokesperson stated in May that the company would no longer maintain country-focused stock-picking teams in Asia.




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