Reported CIC reshuffle raises questions

A fresh reshuffle is reportedly underway at China’s sovereign wealth fund CIC, with general manager Gao Xiqing retiring and chief investment officer Li Keping succeeding him, according to media. At 60, Gao’s retirement would not be a surprise, but his exit could raise questions over possible changes in CIC’s investment direction and reliance on external managers, notes Shanghai-based consultancy Z-Ben Advisors. Reports of the switch follow the appointment of Ding Xuedong as the …