On March 28, 2014, Singapore’s Temasek Holdings celebrated the official opening of its European office in London at the fancy Millennium Copthorne Mayfair Hotel. Guests included Prime Minister of Singapore Lee Hsien Loong and Temasek Chairman Lim Boon Heng.
Prime Minister Lee said to an audience during his London trip, “Singapore and London are two cities, perched off the shores of two continents, but connected by an intertwined history and many personal ties and friendships.”
Increasingly, public asset owners are choosing London as their European office destination. In another note, the $100 billion British Columbia Investment Management Corporation (bcIMC) announced intentions to open its first foreign office in London. bcIMC has around $12.4 billion invested in UK and European markets.
“We consider the UK and Europe to be an important market with long-term growth opportunities,” said Doug Pearce, Chief Investment Officer / Chief Executive Officer, bcIMC in a press release. “Having a bcIMC presence in London reflects our global focus. It will strengthen our existing relationships with investment partners and enhance our ability to commit patient capital within European markets and in so doing, grow the long-term financial value of our clients’ funds.”
In the beginning of the year, the Alberta Investment Management Corporation (AIMCo), that manages public wealth from Alberta, opened a London office. AIMCo had similar reasons of opening a London office compared to other large Canadian public investors.