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Money

CIC may pick China Asset to manage investments

(Agencies)
Updated: 2010-08-19 17:00
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China Investment Corp, the country's sovereign wealth fund, may select China Asset Management Co to manage part of its overseas investments, Bloomberg reported, citing an unnamed person with knowledge of the matter.

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This would be the first time that the sovereign wealth fund picked a Chinese firm to oversee its money. China Asset, which is the nation's largest fund manager, has overseen over 300 billion yuan ($44 billion) by the end of 2009. CIC may invest through the Beijing-based company's Hong Kong unit, the report cited the person as saying.

China's CIC picked Morgan Stanley and Blackstone Group LP to manage part of its US dollar assets in July of last year, according to the Wall Street Journal.