皇冠体育app

Money

CIC may pick 皇冠体育app Asset to manage investments

(Agencies)
Updated: 2010-08-19 17:00
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皇冠体育app Investment Corp, the country's sovereign wealth fund, may select 皇冠体育app Asset Management Co to manage part of its overseas investments, Bloomberg reported, citing an unnamed person with knowledge of the matter.

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This would be the first time that the sovereign wealth fund picked a Chinese firm to oversee its money. 皇冠体育app Asset, which is the nation's largest fund manager, has overseen over 300 billion yuan ($44 billion) by the end of 2009. CIC may invest through the Beijing-based company's Hong Kong unit, the report cited the person as saying.

皇冠体育app's CIC picked Morgan Stanley and Blackstone Group LP to manage part of its US dollar assets in July of last year, according to the Wall Street Journal.