Norway Wealth Fund Closes Shanghai Office in Shift to Singapore
The Marina Bay Sands boardwalk in Singapore.Photographer: Edwin
September 7, 2023 at 2:51 AM EDTUpdated on September 7, 2023 at 4:49 AM EDT
Norway’s $1.4 trillion sovereign wealth fund has started winding down its office in Shanghai as Singapore takes over as its hub in Asia.
The fund is initiating the process to close its representative office in the city due to “operational considerations,” Norges Bank Investment Management said on Thursday. The move doesn’t affect the investment strategy in China, it said.