Khazanah confirms closing London office

Shahril Ridza Ridzuan. (Gambar Bernama)

PETALING JAYA: National sovereign wealth fund Khazanah Nasional Bhd is closing its office in London, its managing director Shahril Ridza Ridzuan confirmed today.

“Yes, we can manage the assets from HQ and our other offices. Part of our cost savings,” he said in a text message to FMT.

Last month, Shahril had told the Bloomberg news agency that high-cost offices might not suit the fund’s plans for the near future.

The London office, with 10 staff, would be closed and Khazanah would also scale down operations in Turkey.

Khazanah owns stakes in some of Malaysia’s biggest listed companies, Tenaga Nasional Bhd, Axiata Group Bhd and CIMB Group Holdings Bhd. It is reported to have trimmed its stakes in CIMB, IHH Healthcare, Axiata Group and UEM Sunrise.

The net value of its portfolio declined 21.6% in 2018 to RM91 billion, Bloomberg reported and Shahril was quoted as saying “We have started to exit the investments we have there” and Khazanah would not require such a big presence.

Shahril moved from the Employees Provident Fund to head Khazanah last August.