China's sovereign wealth fund has new chairman

BEIJING • China has named a new chairman for its US$941 billion (S$1.3 trillion) sovereign wealth fund, sources said, ending a two-year period without a top leader.

Mr Peng Chun, chairman of the Bank of Communications (BoCom), will become chairman of Beijing-based China Investment Corp (CIC), sources said. Mr Ju Weimin was named general manager, replacing Mr Tu Guangshao, who is retiring.

The appointments were announced to a small group of CIC executives yesterday, two of the people said. An e-mail sent to CIC's press office did not receive an immediate response.

Mr Peng served as vice-president of CIC for more than three years before being appointed president of BoCom in October 2013. He became chairman of the Shanghai-based lender in February last year.

Mr Tu said a year ago that CIC plans to boost alternative and direct investments to 45 per cent or more of its overseas portfolio in three years to seek more stable returns. While the fund reported its best annual return on overseas investments in 2017, last year's performance was "certainly" worse because of global market fluctuations, he said in an interview last month.

Mr Peng's appointment adds to a string of recent management changes at China's top banks and financial regulators. In the latest example, China Construction Bank named Mr Liu Guiping to replace retiring president Wang Zuji last month.

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A version of this article appeared in the print edition of The Straits Times on April 03, 2019, with the headline 'China's sovereign wealth fund has new chairman'. Print Edition | Subscribe