China's CIC taps alternative investments head -source

HONG KONG, Dec 1 (Reuters) - China Investment Corp, the country's sovereign wealth fund, has appointed a former China head of investment bank UBS AG (UBSN.VX) (UBS.N) as its head of alternative investments, said a source with direct knowledge of the matter.

Zhou Yuan, who was UBS' senior-most banker in China between 1994 and 1998, will be based in Beijing, the headquarters of CIC, said the source who declined to be identified before an official announcement is made.

As head of alternative investments, Zhou will be mainly responsible for three areas: direct investments, real estate funds and non-real estate private equity funds, the source said.

Zhou left UBS in 1998 to take a senior position at Hong Kong Exchanges and Clearing Ltd (0388.HK). He left the bourse operator in 2000 and since then has held senior positions at a number of organisations, and is an advisor to State Street Asset Management, a U.S. fund manager.

A representative at CIC declined to comment, while Zhou could not be immediately reached for comment. (Reporting by George Chen; Editing by Tony Munroe)