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Published February 27, 2008 at 12:08 PM
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Bloomberg is taking an in-depth look at Lou Jiwei, the man behind China's sovereign wealth fund, China Investment Corp. A first-time fund manager, Jiwei has "about $200 billion in his care, $70 billion of which he will invest outside China," according to the story.
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Although less than a year old, the fifth-largest sovereign wealth fund (see a list of recent sovereign wealth funds and investments) has been very active, paying $3 billion for a 9% stake in Blackstone Group LP in May and $5 billion for up to 9.9% of Morgan Stanley. The value of both investments are underwater as the credit crunch continues to inflict pain on Morgan Stanley and Blackstone. While Lou waits for those investments to play out, his and other sovereign wealth funds will likely be responding to political concerns in the U.S. and Europe. Earlier this week Clay Lowery, a senior official at the U.S. Department of the Treasury, spelled out steps sovereign wealth funds can take to dispel political furor in the U.S. over investments directed by foreign governments. - George White
See Bloomberg storySee Deal.com story on the TreasurySee Deal.com story on Morgan Stanley investmentSee Deal.com story on Blackstone investment
Recent sovereign wealth fund investments |
| Company |
Sovereign wealth fund's country |
Amount
(bill) |
| Citigroup Inc. |
Abu Dhabi, Singapore, Kuwait, Prince Alwaleed bin Talal (Saudi Arabia) |
20.0 |
Merrill Lynch & Co.
|
Singapore, Kuwait, Korea and Japan. |
12.8 |
UBS
|
Singapore |
11.8 |
| Dow Chemical Co. |
Kuwait |
9.5 |
| Morgan Stanley |
China |
5.0 |
| Bear Stearns Cos. |
China |
1.0 |
| Advanced Micro Devices Inc. |
Abu Dhabi |
0.622 |
| Sony Corp. |
Abu Dubai |
N/A |
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