Updated with correction
Li Keping was named executive director, vice president and chief investment officer of the Beijing-based China Investment Corp. — one of the largest sovereign wealth funds globally with about $332.4 billion in assets — according to a statement published on the fund's website.
Mr. Li replaced Zhang Hongli in the role of executive director and vice president and Gao Xiqing as CIO. Mr. Hongli has retired; Mr. Xiqing will continue to serve as vice chairman and president of CIC, according to the statement.
Mr. Li was vice chairman of China's National Council for Social Security Fund, Beijing, which manages about $146 billion in assets, according to data from the Sovereign Wealth Fund Institute.