Li Keping, vice-chairman of China's national pension fund, has been named executive director and chief investment officer of the country's $300 billion sovereign wealth fund which directs investments from China's huge stockpile of foreign exchange reserves.
Li replaces Gao Xiqing, who remains as president, a statement on the website of China Investment Corp (CIC) said. Sources told Reuters on June 17 of the impending personnel change.
Li was expected to eventually replace Gao as president, with Gao likely to become CIC's chairman, the sources said last month.
The CIC statement did not give further details.
Li, born in 1956 and a graduate of Beijing University, had been the chief investment officer of the National Social Security Fund since 2001, a year after the pension fund's establishment.
At the end of 2007, he became a vice chairman of the fund, which has grown to $130 billion -- more than 40 percent of which is managed by outside managers at home and abroad.
Sources close to Li told Reuters that he played a key role in charting a diversified investment strategy for the pension fund and helped lay a solid foundation for asset growth.
CIC has come under fire for money lost on high-profile investments in investment bank Morgan Stanley and private equity firm Blackstone Group LP , and for reportedly buying into Tokyo Electric Power Co Inc .
The power company's Fukushima Daiichi nuclear power plant has suffered explosions and radiation leaks since the March 11 earthquake and tsunami battered eastern Japan.
CIC was established to seek higher returns from riskier investments using part of the country's stockpile of foreign exchange, which at more than $3 trillion are the largest in the world.
Source: www.reuters.com
Li replaces Gao Xiqing, who remains as president, a statement on the website of China Investment Corp (CIC) said. Sources told Reuters on June 17 of the impending personnel change.
Li was expected to eventually replace Gao as president, with Gao likely to become CIC's chairman, the sources said last month.
The CIC statement did not give further details.
Li, born in 1956 and a graduate of Beijing University, had been the chief investment officer of the National Social Security Fund since 2001, a year after the pension fund's establishment.
At the end of 2007, he became a vice chairman of the fund, which has grown to $130 billion -- more than 40 percent of which is managed by outside managers at home and abroad.
Sources close to Li told Reuters that he played a key role in charting a diversified investment strategy for the pension fund and helped lay a solid foundation for asset growth.
CIC has come under fire for money lost on high-profile investments in investment bank Morgan Stanley and private equity firm Blackstone Group LP , and for reportedly buying into Tokyo Electric Power Co Inc .
The power company's Fukushima Daiichi nuclear power plant has suffered explosions and radiation leaks since the March 11 earthquake and tsunami battered eastern Japan.
CIC was established to seek higher returns from riskier investments using part of the country's stockpile of foreign exchange, which at more than $3 trillion are the largest in the world.
Source: www.reuters.com
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