June 17 (Bloomberg) -- China Investment Corp. may name Li Keping, currently an executive at the country’s national pension manager, a new co-head of the sovereign wealth fund, said two CIC executives with direct knowledge of the matter.
Li, a vice chairman at the National Social Security Fund, has been working out of CIC’s offices in Beijing for the past few days, said the fund executives who declined to be identified as the matter is confidential. An official announcement may be made soon that Li will help oversee investments and be at an equal level with Vice Chairman and President Gao Xiqing, the officials said. Gao reports to Chairman Lou Jiwei. A CIC spokesman wasn’t immediately available to comment.
The appointment is part of a personnel reshuffle that also includes plans to move more of CIC’s investment managers to CIC International, its newly established Hong Kong unit, the executives said. The fund aims to base more employees overseas to bid for deals as competition from other Chinese investors increases, according to the executives.
CIC is the world’s fifth-biggest country fund with $332.4 billion of assets, according to the Sovereign Wealth Fund Institute. China’s SAFE Investment Co. manages $347.1 billion, the fourth largest, the research company said.
The Chinese fund plans to move Managing Director Winston Ma to Canada to bolster investment bids for natural resources assets, a company official with direct knowledge of the matter said in May. Ma, who is part of the special investments department at CIC, was appointed deputy head of the fund’s only office outside the Greater China region last month, according to the official.
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