China’s sovereign wealth fund, China Investment Corp (CIC), has appointed Fan Gongsheng to watch oversees investments managed by external managers, and Zheng Kongdong will oversee direct investments in public markets and hedge funds, according to Bloomberg, citing people familiar with the decisions.
Both positions are internal appointments. Gongsheng previously worked in CIC’s fixed income unit and Kongdong joined CIC a year ago from UBS where he was a hedge fund manager.
The $200 billion sovereign wealth fund also made two significant hires in December. Starr International executive Collin Lau was reportedly brought on to lead real estate investment funds and Zhou Yuan was hired from State Street to head the alternative investment department.
The latest shifts occur as the CIC works to restructure its investment departments. The CIC said last week it set up a specific department to deal with big opportunistic investments aimed at long-term returns.
The three additional departments are now: a private equity fund investment department for investments in areas including real estate, a department to handle traditional investments in stocks and fixed-income products and a department to deal with asset management operations on open markets.