Norges Bank Investment Management is closing its representative office in Shanghai, in a move that the in-house sovereign wealth fund manager said does not impact on its investments in China.
The move "is driven by operational considerations," NBIM, which runs the assets of the 15.27 trillion Norwegian kroner ($1.46 trillion) Government Pension Fund Global, Oslo, said in a news release. It will not affect its $42 billion invested across about 850 Chinese companies.
The Shanghai representative office opened in November 2007 and has eight people. NBIM's Singapore office has increasingly become a hub for the Asian region and has been expanded to cover all operational functions, including for China. "Effectively, the decision to close the office in Shanghai is therefore only an adjustment of our operating business model," the release said. "We will ensure that the closing process is conducted in an orderly manner for all affected persons at the office and in line with local requirements and procedures."
NBIM also has offices in London, New York, Tokyo, Luxembourg and Paris, according to its website.
Spokesmen could not immediately be reached for further information.