Norway's Sovereign Fund Shuts Shanghai Office, Shifts Base to Singapore

Norges Bank Investment Management (NBIM), overseeing Norway’s US$1.42 trillion oil fund, is closing its representative office in Shanghai, making its Singapore office its regional hub in Asia. This decision is driven by operational considerations and won't affect its China investments.

NBIM had US$42 billion invested in approximately 850 Chinese companies at the end of 2022.

The closure comes amid a trend of major global money managers reducing China exposure due to market performance and geopolitical tensions. Meanwhile, Middle Eastern investors are opening new offices in Beijing and Hong Kong.

The move by Norway's sovereign fund is described as an adjustment of its operating business model.