Fri, January 21, 2011
Business > Entrepreneur

CIC opens Toronto office

2011-01-21 13:15:04 GMT2011-01-21 21:15:04(Beijing Time)  China Daily

Chairman and Chief Executive Officer Lou Jiwei (R) of China Investment Corporation (CIC) cuts the ribbon with Felix Chee, Chief Representative Officer of CIC Representative Office in Toronto (L) during the inauguration ceremony of the CIC representative office in Toronto, Canada, Jan. 20, 2011. (Xinhua/Zou Zheng)

Chairman and Chief Executive Officer Lou Jiwei (R) of China Investment Corporation (CIC) poses for a photo with Felix Chee, Chief Representative Officer of CIC Representative Office in Toronto (C) and Jin Liqun, chairman of the CIC supervisory board during the inauguration ceremony of the CIC representative office in Toronto, Canada, Jan. 20, 2011. (Xinhua/Zou Zheng)

BEIJING, Jan. 21 (Xinhua) -- China Investment Corp (CIC), the country's 300 billion U.S. dollars sovereign wealth fund, announced Friday it had opened its first foreign representative office in Toronto.

Felix Chee was named chief representative officer in Toronto. The 63-year-old Chee was once CIC's chief investment officer (CIO), and before that he served as CIO of the Canadian company, Manulife Financial.

The Toronto office will seek to enhance CIC's cooperation with local companies and promote its overall investment business in Canada, according to its statement.

Last year, CIC opened a wholly owned unit in Hong Kong.

CIC, which also holds large stakes in China's major state-controlled banks, added 58 billion U.S. dollars to its overseas holdings in 2009, mainly in publicly traded stocks and bonds.

The fund was set up in 2007 with a mandate to earn a higher return for the government.

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