Hong Kong's Exchange Fund, valued at HK$4.3 trillion, is seeking investment managers to track the S&P 500 Index, according to sources familiar with the matter. The move represents a potential significant shift in the fund's investment strategy.

The $550 billion sovereign wealth fund has been reviewing proposals for several months but has not yet made a final decision. This search comes as Asian markets continue to reassess global investment approaches amid changing economic conditions.

The fund's decision could substantially impact global markets, given its massive size. If implemented, the S&P 500 allocation would mark one of Hong Kong's largest overseas investment initiatives in recent years.