China wealth fund CIC says net profit up 60 pct y/y in 2012

BEIJING, July 26 Fri Jul 26, 2013 3:38am EDT

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BEIJING, July 26 (Reuters) - China's sovereign wealth fund, China Investment Corp., reported a 2012 net profit of $77.4 billion, up 60 percent from the previous year when it had posted its first-ever dip in profit.

CIC's return on overseas investment reached 10.6 percent in 2012, compared to a negative 4.3 percent in 2011, according to its annual report released on Friday on its website, www.china-inv.cn

Earlier this month China formally named career bureaucrat Ding Xuedong as the new chairman of CIC, ending a months-long search for a head of the $500 billion fund.

Ding, 53, succeeded Lou Jiwei, who became finance minister in March. Ding will oversee CIC's increasing forays into alternative investments such as private equity, commodities and hedge funds as it searches for returns. (Reporting by Jonathan Standing)

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