(Corrects first two paragraphs to show that Li Keping is vice
chairman of national pension fund)
BEIJING, July 13 Li Keping, vice chairman of
China's national pension fund, has been named executive director
and chief investment officer of the country's $300 billion
sovereign wealth fund which directs investments from China's
huge stockpile of foreign exchange reserves.
Li, vice chairman of the $130 billion National Social
Security Fund, replaces Gao Xiqing, a statement on the website
of the China Investment Corp (CIC) said. Sources told
Reuters on June 17 of the impending personnel change.
Gao remains president of CIC, but Li is expected eventually
to replace him in that position as well, with Gao likely
becoming CIC chairman, the sources said last month.
CIC has come under fire for money lost on high-profile
investments in investment bank Morgan Stanley and private
equity firm Blackstone Group , as well as for reportedly
buying into Tokyo Electric Power Co .
The power company's Fukushima Daiichi nuclear power plant
has been wracked by explosions and radiation leaks after the
March 11 earthquake and tsunami that battered eastern Japan.
CIC was established to seek higher returns from riskier
investments using part of the country's stockpile of foreign
exchange, which has swelled to more than $3 trillion, the
largest in the world.
(Reporting by Terril Yue Jones; Editing by Jacqueline Wong)