Canadian pension fund HOOPP to open London office

TORONTO/LONDON, Sept 15 (Reuters) -

The Healthcare of Ontario Pension Plan , 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)