China Sovereign Fund's Head of Asset Allocation Quits

(Bloomberg) -- China Investment Corp.’s head of asset allocation Fan Hua has quit, making her at least the third managing director to leave the $930 billion sovereign wealth fund this year, according to people familiar with the matter.

Fan, who spent more than a decade at Goldman Sachs Group Inc. before joining CIC in 2009, recently resigned to seek other career opportunities, the people said, declining to be named because they aren’t authorized to discuss the matter publicly. It remains unclear who will succeed her, the people said. Fan didn’t respond to a text message seeking comment, while CIC’s press office didn’t immediately reply to an emailed request for comment.

She joins Wang Ou, who was in charge of the private equity department, and Winston Ma Wenyan, the former head of CIC’s North America office, in leaving the fund this year. CIC has also been without a chairman for more than a year.

Ma, who left at the beginning of the year after a decade as a managing director, is now chief executive officer at newly established China Silkroad Investment & Development (Beijing) Co., which invests in alternative assets globally.

CIC posted a 17.6 percent return on its overseas investments last year, the best performance since its inception in 2007, as a global stocks rally bolstered the value of its public equity holdings, the largest portion of its portfolio abroad.

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