TechFlow news — Norway's $1.4 trillion sovereign wealth fund is closing its Shanghai office, with Singapore becoming the fund's operational hub in Asia.
Norges Bank Investment Management said Thursday it has initiated procedures to close its representative office in Shanghai due to "operational considerations," adding that the decision does not affect its investment strategy in China. The Shanghai office currently has eight employees.
The Norwegian fund stated that in recent years, its Singapore office has gradually taken over all operational functions across the Asian region. As of the end of 2022, the fund’s investment portfolio in China reached $42 billion, spread across approximately 850 companies.
Established in the 1990s to invest Norway’s oil and gas revenues abroad, the fund is the world’s largest single holder of equities.
