The Ontario Teachers’ Pension Plan is closing down an Asia equity investment team in Hong Kong, resulting in the loss of five jobs.

The $247 billion fund is shutting the country-focused stock picking teams in Asia, and will concentrate that work from its Toronto head office, according to a statement Tuesday.

“Asia continues to be core to our global investment strategy, including China where our focus is on building value in our existing portfolio,” according to the statement. Teachers’ added it will continue to invest in private and public assets in China via fund partners, and in public companies through its global investment teams.

Reuters earlier reported on the team closing.

The Canadian investor said last year it plans to move into new offices in Singapore with capacity for about 45 to 50 people as part of an Asia push, surpassing the 35 staff in the fund’s Hong Kong office at the time. The pension manager has paused direct investing in private assets in China, people familiar with the matter said in January.