Canadian pension fund HOOPP to open London office
15/09/2023 19:26
By Maiya Keidan, Iain Withers and Carolyn Cohn
TORONTO/LONDON, Sept 15 (Reuters) -
The Healthcare of Ontario Pension Plan (HOOPP), one of
Canada's largest pension funds, told Reuters it plans to open an
office in London and expand its investment footprint in Britain.
The move represents a show of confidence in Britain, which
is rolling out a number of post-Brexit reforms to boost
investment and regain ground lost to financial centres like New
York.
A HOOPP spokesperson said the pension fund was planning to
open a London office and added that it would share more
information in due course.
"We see value in London as a hub to effectively support and
manage HOOPP's growing assets, as part of our continued effort
to deliver value for our members," the spokesperson said.
The C$104 billion ($76.98 billion) pension fund has briefed
local officials - including the City of London Corporation that
runs the British capital's historic financial district - about
the plans, a source with knowledge of the matter told Reuters.
HOOPP's decision follows a move by Australia's largest
pension fund to hire more staff in London and an announcement by
Australia's second-biggest pension fund that it would open a new
office in the city.
London-based job recruiters see a growing trend of overseas
pension funds setting up shop in Britain to grab talent and gain
better access to local investments.
"Those with a global viewpoint generally see the strong
upside in the UK," said Ghada Sousou, the CEO of recruitment
firm Sousou Partners. "This is thanks to geographic positioning,
cosmopolitan lifestyle, top schooling and relatively low
political and economic risk."
While HOOPP does not break down its investments by region,
its real estate allocations have continued to grow outside
Canada, rising 11.4% in 2022, to almost half of its portfolio,
according to the fund's annual reports.
Out of the top 10 Canadian pension schemes, eight already
have offices in London.
The C$233 billion British Columbia Investment Management
Corporation (BCI) announced in February that its infrastructure
and renewable resources team was opening an office in London to
target more investments in the UK and across Europe.
(Reporting by Maiya Keidan in Toronto and Iain Withers and
Carolyn Cohn in London; Editing by Paul Simao)
((Maiya.Keidan@thomsonreuters.com; 1 226 688 4571; Reuters
Messaging: maiya.keidan.thomsonreuters.com@reuters.net))