BEIJING Jan 21 China's $575 billion sovereign
wealth fund, China Investment Corp (CIC), has appointed
a new vice chairman and president as the incumbent is due for
retirement, two sources with knowledge of the matter said.
Li Keping, CIC's chief investment officer, will replace Gao
Xiqing as the fund's vice chairman and president, said the
sources, who declined to be named because they are not
authorised to speak to the media.
China's official retirement age is 60 for men and Gao turns
61 this year.
CIC was not immediately available for comment.
Li, who has an economics degree from China's prestigious
Peking University, was previously the deputy chairman of China's
largest pension fund, China's National Council for the Social
Created in 2007, CIC is tasked to help China invest its $3.8
trillion-and-growing foreign exchange reserves. But because of
the mammoth size of China's national savings, the government has
formed other domestic funds that rival CIC in the hope of
further improving returns.
CIC reported an annual return of 10.6 percent in 2012,
reversing from 2011's loss of 4.3 percent. Its cumulative
annualised return since inception is 5 percent.
(Reporting by Xie Heng; Writing by Koh Gui Qing; Editing by