Ontario Teachers' Pension Plan, Toronto, will no longer have country-focused stock-picking teams based in Asia, resulting in the departure of five employees at its office in Hong Kong.
"In considering the optimal model to invest at scale in global public equity markets, we recently made the decision to concentrate the active stock picking activities in our high conviction equities group under our team in Toronto," OTPP said in an emailed statement on Tuesday.
OTPP noted in its statement that a centralized team based in Toronto will pursue investment opportunities in Asia as it does for other regions.
OTPP further said that Asia "continues to be core to our global investment strategy, including China where our focus is on building value in our existing portfolio, investing in private and public assets via fund partners, and in select public companies via our global investment teams."
As of Dec. 31, OTPP had 10% of its portfolio assets invested in Asia, according to its latest annual report.
OTPP had net assets of C$247.2 billion ($182.5 billion) as of Dec. 31.
Further details were not available.