The Canada Pension Plan Investment Board is cutting roughly a dozen employees at its Hong Kong office, according to a report by Bloomberg.
It said staff had recently been informed of the dismissals and the CPPIB would transfer the portfolios of the impacted employees to other investment teams. Following these cuts, there will be roughly 140 positions remaining at the office, which was opened in 2008.
Read: CPPIB laying off staff in Hong Kong as it steps back from China deals: report
In a statement, the investment organization said it is continuously adjusting its investment measures around the world based on economic factors. It added that China will continue to be “a key part of the portfolio.”
This decision follows last year’s cuts of at least five investment professionals from the fund’s private equity team. In its latest annual report, the CPPIB noted there was an ongoing evolution in the relationship between Canada, the U.S. and China. These changes would play a role in a review of the investment organization’s approached to emerging markets, it said.
According to the report, China accounts for 36 per cent of the CPPIB’s $137 billion worth of net investments in Asia-Pacific. In its latest fiscal year review, the CPPIB indicated investments in the region returned 5.1 per cent on an annualized five-year basis.
Read: Parliamentary subcommittee investigating Canadian public sector pension allocations to China