China CIC to Manage More of its Funds in House
Reuters reports on the China Investment Corp, the $300 billion sovereign wealth fund:
Lou Jiwei, the chairman of CIC, said the fund would steadily accelerate its overseas investments in 2010, the China Securities Journal reported, citing an article he published on Monday. It did not say where the article appeared.
“As of now, most of CIC’s overseas funds are managed by outside portfolio managers, but we will gradually increase in-house investment in more efficient developed markets in the future,” the newspaper paraphrased Lou as saying.
His comments follow a regulatory filing last Friday by CIC with the U.S. Securities and Exchange Commission detailing some of its investments in the United States. here
CIC said in its Form 13F filing that it owned equity stakes in more than 60 U.S. companies worth $9.63 billion at the end of 2009, including small holdings in Apple Inc (AAPL.O), Citigroup (C.N), Coca Cola Co (KO.N) and News Corp (NWSA.O).