Ancient Rock Art & Cave Paintings of the World ― 2009/07/10 00:00
西室泰三も神隠し？ ― 2009/07/10 00:35
China Investment Corporation
The International Advisory Council
July 9, 2009, 2:51 AM ET
Who’s Who Among China’s Sovereign Wealth Fund Advisers
China Investment Corp., the country’s $200 billion sovereign wealth fund, has finally unveiled its long-planned International Advisory Council, which The Journal wrote about Monday (Call us petty, but we can’t help noting – given that that one of council’s stated missions (In Chinese here) is to advise CIC on “increasing transparency” – that it took four days from the group’s first meeting for CIC to disclose its membership).
It is certainly a formidable group, with, as reported, wide geographic representation – its 14 members come from mainland China, Hong Kong, Japan, Malaysia, Canada, the U.S., Brazil, Norway, France, and Britain. But one thing is conspicuously missing: active members of the investment industry.
Several advisers have substantial industry experience: there’s Knut Kjaer, former CEO of Norges Bank Investment Management, which manages Norway’s massive pension fund and foreign exchange reserves; Arminio Fraga, a respected former Brazilian central bank chief who also worked at Soros Fund Management; John Thornton, the former president of Goldman Sachs, whose current roles include non-executive chairman of HSBC North America, and James Wolfensohn, a one-time banker who served a 10 years as president of the World Bank and who now his own investment advisory firm.
But there are no big-name stock-picking gurus or active investment bankers, hedge-fund managers, or private equity types – CIC clearly isn’t likely looking for lots of specific portfolio advice from this group.
And while it sorely needs such expertise – check out its lengthy help-wanted list - that might make sense. Asset allocation tips aren’t likely to be all that useful from a group that meets in plenary as infrequently as once a year. The council’s purpose is evidently more oriented toward advice on economic and political issues in the global markets CIC is targeting – not insignificant given ongoing economic turbulence and the political resistance CIC has met in some markets. Clearly, CIC is also hoping to benefit from the repute of its advisers (note the prevalence of former government officials) – and shining reputations aren’t in abundant supply in the world of investment and finance these days.
Ultimately, of course, the council’s usefulness for CIC will depend largely on how much it asks for advice – and whether it listens. Here’s the full list:
Zeng Peiyan - former Chinese vice premier, now chairman of the China Center for International Economic Exchanges think tank.
Yingyi Qian - Dean of Tsinghua University’s School of Economics and Management and professor of economics at University of California at Berkeley
Lawrence Lau – Professor of economics and vice chancellor at Chinese University of Hong Kong.
Frederick Ma - Former Hong Kong senior economics official, now honorary professor at University of Hong Kong’s School of Economics and Finance.
Taizo Nishimuro – Chairman of the Tokyo Stock Exchange Group and former chairman of Toshiba.
Andrew Sheng – Former chairman of the Hong Kong Securities and Futures Commission, now adviser to the China Banking Regulatory Commission.
David L. Emerson - Former Canadian foreign minister and trade minister, now senior adviser to law firm Farris, Vaughan, Wills & Murphy.
Arminio Fraga Neto – Former president of Brazil’s central bank, now chairman of exchange BM&F-Bovespa (see this PDF).
Merit E. Janow - Professor of international economic law at Columbia University and chairwoman of Nasdaq Stock Market LLC.
John Thornton - Former president of Goldman Sachs, now non-executive chairman of HSBC North America and chairman of the Brookings Institution.
James Wolfensohn - Former president of the World Bank, now chairman of investment advisory Wolfensohn & Co.
Knut Kjaer - Former CEO of Norges Bank Investment Management, now president of financial risk management advisory RiskMetrics Group.
Jean Lemierre - Former president of the European Bank for Reconstruction and Development, now adviser to the chairman of BNP Paribas.
Lord Nicholas Stern - Former chief economist at the World Bank, now professor of economics and The Grantham Research Institute on Climate Change and the Environment at the London School of Economics and Politics.