(Bloomberg) — China’s sovereign wealth fund is losing senior-level talent at one of the worst possible times.
Three of China Investment Corp.’s top executives have resigned since April, leaving the $941 billion fund without some of its most experienced managers during a period of historic volatility in global markets. The departures add to a steady exodus in recent years that has included at least 17 team heads and managing directors.
Conversations with former and current managers point to shrinking opportunities, sliding compensation competitiveness and rising restrictions, all of which erode CIC’s attractiveness as a government-owned institution trying to operate as a market-based investor. The departures have now become significant enough that they threaten to hurt the fund’s returns, according to Li Jie, head of the foreign reserves research center at Beijing’s Central University of Finance and Economics.
“There’s no doubt that CIC’s appeal to talent in the market has been