By Gwladys Fouche and Anna Ringstrom
OSLO/STOCKHOLM (Reuters) -Norway’s $1.4 trillion sovereign wealth fund, one of the world’s biggest investors, is closing its only office in China, it said on Thursday.
The fund said its investments remained unchanged. It held some $42 billion across 850 Chinese companies at the end of 2022, according to fund data.
“The decision is driven by operational considerations and does not affect the fund’s investment strategy or our investments in China,” it said in a statement. It did not give specifics.
The fund did not immediately reply to a request for further comment.
Some financial firms are reviewing their presence in China amid heightened geopolitical tensions and tightened regulatory oversight.
Norway’s wealth fund, which invests the state’s revenue from oil and gas production abroad, has had an office in Shanghai since 2007 but investments in China, including Hong Kong, peaked at 509 billion crowns ($47 billion) in 2020 before declining, according to fund data.
In April, Ontario Teachers’ fund, Canada’s third-largest pension fund, closed down its China equity investment team.
($1 = 10.7235 Norwegian crowns)
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