Hong Kong is poised to name Clara Chan as the first chief executive officer of a new HK$62 billion ($8 billion) fund being established to invest in businesses across the Greater Bay Area.
(Bloomberg) — Hong Kong is poised to name Clara Chan as the first chief executive officer of a new HK$62 billion ($8 billion) fund being established to invest in businesses across the Greater Bay Area.
Chan, currently an executive director at the Hong Kong Monetary Authority, is set to be named CEO of the Hong Kong Investment Corp., people familiar with the matter said, asking not to be named discussing an internal decision. The appointment could be made in the coming weeks, said two of the people.
A spokesperson for HKIC said the open recruitment for the job is still ongoing. The government referred questions to the HKIC and declined further comment.
The fund was unveiled by Chief Executive John Lee in his maiden Policy Address last year. Its aim is to “further optimize the use of fiscal reserves” to promote the economy and industries and enhance ties with Chinese mainland cities surrounding Hong Kong.
Chan, who’s in her early 40s, will oversee eight general partners in making strategic investments in sectors including technology, health care, logistics and supply chain management, financial services and consumer products.
Separate from the city’s $513 billion Exchange Fund — the war chest used to defend the Linked Exchange Rate System, the HKIC has been likened to a smaller version of Singapore’s $287 billion Temasek fund. It’s responsible for managing the Hong Kong Growth Portfolio, the Greater Bay Area Investment Fund, the Strategic Tech Fund, as well as the newly established Co-Investment Fund.
The HKIC has already received a number of investment proposals, including in companies in the fields of innovation and technology, according to the spokesperson.
Chan joined the HKMA in 2010 after working in the city government. In her current role, she is responsible for macro-financial surveillance and market operations, as well as regulating stored value facilities and the retail payment system. She previously served as one of the chief investment officers for the Exchange Fund.
More recently, the barrister-by-training has been actively representing HKMA on various financial technology and stable coin related initiatives.
–With assistance from Annabelle Droulers.
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