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April 2, 2019, 4:20 p.m. EDT

China : Chinas US$941b sovereign fund has a new chairman: sources

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Apr 02, 2019 (Euclid Infotech Ltd via COMTEX) -- China has named a new chairman for its US$941 billion sovereign wealth fund, people with knowledge of the matter said, ending a two-year period without a top leader.

Peng Chun, chairman of Bank of Communications Co (BoCom), will become chairman of Beijing-based China Investment Corp (CIC), the people said, declining to be identified because the appointment isn't yet public. Ju Weimin was named general manager, replacing Tu Guangshao, who's retiring, the people said.

The appointments were announced to a small group of CIC executives on Tuesday, two of the people said. An email sent to CIC's press office didn't receive an immediate response.

Mr Peng, who has a master's degree in economics from a school that was run by the central bank, served as vice-president of CIC for more than three years before being appointed president of BoCom in October 2013. He became chairman of the Shanghai-based lender in February 2018.

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