Clara Chan was named CEO of Hong Kong's new sovereign wealth fund, The Hong Kong Investment Corp., effective Oct. 9.
Hong Kong's central bank, the Hong Kong Monetary Authority, announced the move in a statement on Oct. 3.
The creation of HKIC was announced John Lee Ka-chiu, Hong Kong chief executive, in October 2022. The new fund will manage several portfolios, some which were previously managed by Future Fund, an existing sovereign wealth fund in Hong Kong with HK$307.5 billion ($39.3 billion) in assets as of August 31.
Once operational, the HKIC will manage HK$62 billion to start with, which includes the existing HK$32 billion Hong Kong Growth Portfolio, as well as a new HK$30 billion Co-Investment Fund that the HKIC will set up using capital from the Future Fund.
Chan joins the HKIC from the HKMA where she is executive director of monetary management. She has been employed with the HKMA for a decade and has held senior leadership positions including chief investment officer for private markets and head of direct investment.
She will be replaced by Daryl Ho, executive director of banking policy, who will in turn by succeeded by Donald Chen, executive director of corporate services. Their starting dates have not yet been established. The HKMA will be starting a recruitment process for Chen's role.