By Summer Zhen
HONG KONG (Reuters) - Canadian pension fund manager Alberta Investment Management Corporation (AIMCo) said on Tuesday it was expanding into Asia and opening its first regional office in Singapore.
The fund manager, which manages $158 billion in assets, invests globally on behalf of 17 pension, endowment and government funds in the Canadian province of Alberta.
Kevin Bong, a former managing director at Singaporean sovereign wealth fund GIC, will head the Asia Pacific office, the fund manager said.
"We believe the long-term growth opportunities in Asia-Pacific are compelling and well-aligned with AIMCo’s long-term investment horizon," said Evan Siddall, CEO of AIMCo.
AIMCo is the latest global asset manager to set up an office, or expand their team, in Singapore as financial firms seek alternative bases to China amid rising geopolitical tensions and China's own faltering economic growth.
UK asset manager Legal & General Investment Management last week announced they had opened an office in Singapore in addition to its existing offices in Hong Kong and Tokyo.
Pension funds in Canada are also facing heightened scrutiny by the Canadian authorities on investments in China. CPP Investments, Canada's biggest pension fund, has laid off at least five investment professionals at its Hong Kong office recently as it steps back from deals in China, Reuters reported last week.
In a separate interview with news agency The Canadian Press, Siddall said that "AIMCo is not rushing into China".
(Reporting by Summer Zhen; editing by Miral Fahmy)