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CORRECTED-China's sovereign wealth fund names new CIO
July 13, 2011 / 2:46 AM / in 6 years

CORRECTED-China's sovereign wealth fund names new CIO

(Corrects first two paragraphs to show that Li Keping is vice chairman of national pension fund)

BEIJING, July 13 (Reuters) - 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)

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