CIC starts recruiting external fixed-income managers

China Investment Corp (CIC), the country's sovereign wealth fund, has started a second recruitment move to seek the external managers for its fixed-income allocation.

The applications would be gone through on Feb. 15, and questionnaires would be sent out three days later. Those documents were due Feb. 28. The final results would be unveiled after two rounds of appraisals.

CIC stated that the recruitment was for the management of active global fixed income and active emerging market debt investment. The company's move has attracted good attention both home and abroad, as the company is a state-owned company focusing on the overseas investment.

CIC was established last September with an initial capital of US$200 billion from China's massive foreign exchange reserves. In December, the company decided to buy US$5 billion worth of stake in the U.S.- based Morgan Stanley. In addition, it has invested US$3 billion in the U.S. private equity Blackstone Group, as well as US$100 million in China Railway Group's<601390><390> Hong Kong IPO.