About Us  |   Contact Us  |   Register  | Login  |   

Follow HedgeWorld on Twitter HedgeWorld on LinkedIn






HEDGEWORLD NEWS
Search the News
Advanced News Search
HedgeWorld News by Region
United States / Americas
Europe
Asia / Australia
International
HedgeWorld News Sections
Managed Futures & Derivatives
Daily News
Regulatory/Legal
Strategies/Analysis
Technology
Opinion
People
Indexes
Other News Features
Most Popular
LexisNexis Headlines
Reuters Headlines
The HedgeWorld Blog
Alternative Advantage Daily Newsletter
RSS Service
Sign Up For Email News Alerts
Reprints



China appoints Ding Xuedong as new CIC chairman -sources
06/28/2013 Email this story  |  Printable Version

BEIJING, June 28 (Reuters) - China's $500 billion sovereign wealth fund China Investment Corp (CIC) has appointed cabinet official Ding Xuedong as its new chairman, two sources said on Friday, ending a three-month search.

The appointment of Ding, a vice secretary general of China's cabinet and a former vice finance minister, was announced within the fund on Friday, a source with knowledge of the situation said.

"It was announced this afternoon at CIC by the organisation department," the source said, referring to the China Organisation Department, which oversees appointments of senior party, government, military and state-owned enterprise officials.

CIC was not immediately available for comment.

Little is known about Ding, a career official at the finance ministry who turns 53 this year. He holds a Ph.D in economics from a Chinese university affiliated with the Finance Ministry.

Ding succeeds Lou Jiwei, who became finance minister in March. Although a range of officials were tipped to replace Lou after he left CIC, including former head of China's securities regulator Guo Shuqing, the fund was without a chairman for three months.

The leadership vaccum stirred speculation about the behind-the-scenes power struggles between top leaders of the Communist Party, who decide the appointments of senior officials. It also highlighted the opaque ways in which China picks its senior leaders.

Reuters reported in March that Guo was reluctant to become CIC chairman as he was only 18 months into his job as the chief of the securities regulator. Guo is now governor of the eastern province of Shandong.

CIC was created in 2007 to earn higher returns from riskier investments such as commodities, private equity, and hedge funds for part of China's $3.4 trillion foreign exchange reserves.

But not all of the fund's bets have paid off. Its $3 billion investment in Blackstone Group LP and $1.8 billion investment in Morgan Stanley lost money, drawing scathing criticisms from ordinary Chinese.


Email This Story to a Friend   |   Display Printable Version of This Story

Story Copyright © 1999-2014 Reuters HedgeWorld All rights reserved.

HedgeWorld News is sponsored by:






Lipper    Privacy   User Policy  Legal Disclosure Copyright/DMCA  Site Map    FAQ    Glossary  Thomson Reuters for Hedge Funds
All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of HedgeWorld content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. HedgeWorld is a registered trademark of Thomson Reuters.