BEIJING, Jan 21 (Reuters) - 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 Security Fund.
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 Chris Gallagher)