China sovereign fund chairman moves to CICC

Ding will take over from Liqun Jin who has resigned from CICC, according to a statement. Jin's departure came less than two weeks after Levin Zhu, son of former Chinese premier Zhu Rongji, quit as CEO and chairman of CICC.

Ding, former deputy secretary general of the State Council and vice finance minister, was named as head of CIC in July last year. He succeeded Jiwei Lou, who stood down as chairman early in 2013 to become China's finance minister.

Previous reports suggested that CIC struggled to identify Lou's successor. Shanghai Vice Mayor Guangshao Tu and Gang Yi, deputy governor of the People's Bank of China, were tipped as possible replacements - but the former was reluctant to take the job and the latter was said to have turned it down.

In August, CIC - which had total assets of $652.7 billion at the end of last year - reported a 9.3% return on its international portfolio in 2013 as strong stock market performance saw the sovereign fund's exposure to public equities rise at the expense of other assets classes, including long-term investments like private equity.

CICC was established in 1995 as a joint venture between China Construction Bank and Morgan Stanley. In 2010, a group of investors including KKR, TPG Capital, Singapore sovereign wealth fund GIC Private and Great Eastern Life Assurance purchased a 34.3% stake in CICC from the US investment bank for about $1 billion.

The private equity-backed investment bank had reportedly picked ABC International Holdings and CCB International as joint sponsors for an IPO in Hong Kong as early as this quarter, although it has yet to make a regulatory filing.

Earlier this year, the bank also lost Guorong Jiang, co-head of investment banking, and Marshall Nicholson, co-head of international investment banking.

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