CIC loses two more executives

James Ieong, a managing director with the fund who played a major role in setting up CIC's joint investment vehicle with Russia Direct Investment Fund (RDIF), departed in May. Daniel Hu, a director who worked in the same department as Ieong, has also resigned, according to Bloomberg.

Their departures are part of a wider exodus from CIC as a series of investment professionals recruited in 2008 and 2009 are reaching the end of their three-year contracts and opting to pursue more lucrative job opportunities elsewhere. As of June 30, 2011, the sovereign fund had 497 employees and $409.6 billion in assets under management. 

In March, Collin Lau, head of CIC's European private equity operations, resigned after just four months in the job. Lau joined in February 2009 as head of real-estate investment and was moved to the European PE unit last December. His replacement in the real estate division, Patrick Wu, quit earlier in the year alongside colleague Jinglei Chen.

Other departures include private equity executives Jingping Guo and Xiaowei Zheng, who left last year for China International Capital Corp. (CICC) and CITIC Private Equity, respectively. Fei Zou, managing director responsible for mining investments, is also said to have left the fund.

Earlier in March, CIC received an additional injection of $30 billion from the Chinese government.

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• Topics
• People
• Greater China
• CIC
• China
• Sovereign wealth fund