Canada’s pension fund AIMCo to open its first Asia office in Singapore
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Mr Kevin Bong, a former managing director at Singaporean sovereign wealth fund GIC, will head the Asia-Pacific office.
PHOTO: AIMCO
HONG KONG - Canadian pension fund manager Alberta Investment Management Corporation (AIMCo) said on Tuesday it was expanding into Asia and opening its first regional office in Singapore.
The fund manager, which manages US$158 billion (S$215 billion) in assets, invests globally on behalf of 17 pension, endowment and government funds in the Canadian province of Alberta.
Mr Kevin Bong, a former managing director at Singaporean sovereign wealth fund GIC, will head the Asia-Pacific office, the fund manager said.
“We believe the long-term growth opportunities in Asia-Pacific are compelling and well-aligned with AIMCo’s long-term investment horizon,” said AIMCo chief executive Evan Siddall.
AIMCo is the latest global asset manager to set up an office or expand its team in Singapore, as financial firms seek alternative bases to China amid rising geopolitical tensions and China’s faltering economic growth.
British asset manager Legal & General Investment Management last week announced it had opened an office in Singapore, in addition to its existing offices in Hong Kong and Tokyo.
Pension funds in Canada are also facing heightened scrutiny by the country’s authorities on investments in China. CPP Investments, Canada’s biggest pension fund, has laid off at least five investment professionals at its Hong Kong office recently as it steps back from deals in China, Reuters reported last week.
In a separate interview with news agency The Canadian Press, Mr Siddall said that “AIMCo is not rushing into China”. REUTERS
