Canada pension cuts 10% of HK jobs on China stock slump
TORONTO: Canada Pension Plan Investment Board has eliminated about a dozen positions in its Greater China public equities team this week, representing close to 10% of its Hong Kong staff, a person familiar with the matter says.

The Toronto-based pension fund has communicated the cuts to its staff and will transfer the portfolios of the affected employees to other investment teams, the person said, asking not to be identified because the firm doesn’t comment on personnel matter. Following the reduction, the firm will have about 140 positions in Hong Kong, the person said.

Banks and investment firms have been slashing jobs related to China amid a prolonged sell-off in the nation’s stock market, hit by a deep housing slump and sputtering economic growth.

Ontario Teachers’ Pension Plan last year shut down its China public equities investing team based out of Hong Kong, and has paused direct investing in private assets in China, people familiar said at the time.

“As an active investment manager, CPP Investments continuously adjusts investment measures globally. China continues to be a key part of the portfolio,” it said. —Bloomberg
Corporate News,CPPI,HongKong,China,JobCuts,FinancialServices
Canada Pension Plan Investment Board has eliminated about a dozen positions in its Greater China public equities team this week, representing close to 10% of its Hong Kong staff, a person familiar with the matter says.