BRITISH COLUMBIA public pension manager has stopped investments in China, the latest institutional investor to rethink its exposure to the world's second-largest economy due to geopolitical risks, reports Bloomberg.
A senior executive from British Columbia Investment Management Corp revealed the policy during testimony this week to a Canadian parliamentary committee. Ontario Teachers' Pension Plan has made a similar move, suspending new investments in private assets in China.
BCI still has Chinese investments, mostly through public markets and index funds, amounting to less than five per cent of its holdings, the fund said in an emailed statement. "Across our portfolio, BCI has reduced its exposure in China and Hong Kong by 15 per cent over the past two years, including pausing direct investments in China," it said.
BCI had C$211 billion (US$158 billion) in net assets under management at the end of March 2022. The firm, which invests on behalf of public-sector pension plans and insurance funds in Canada's third-largest province, said its remaining exposure to China is part of a broad diversification strategy that includes emerging markets.
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