ICBC Asia and GIC to launch new fund

HONG KONG: ICBC (Asia) Investment Management Company Limited, a wholly- owned subsidiary of the Industrial and Commercial Bank of China (Asia) Limited (ICBC Asia), announced the signing of a Memorandum of Understanding (MOU) with Gulf Investment Corporation (“GIC”) which took place in Kuwait on 28 January 2013. The MOU signals strong commitment by both companies as they partner to expand their respective asset management capabilities and product offerings. Both companies seek to benefit their investors by offering products that give best exposure to the rapidly growing investment opportunities in Asia and in the Middle East.

Representing ICBC ( Asia) Investment Management Company Limited were Mr. Jack Chang, Chief Executive Officer and Chief Investment Officer, Ms. Judyanna Wu, the Head of Fixed Income Team and Mr. Leung Chung, Head of Private Banking Department of ICBC (Asia). They were joined at the signing ceremony by GIC’s representatives Dr. Russell Read, Chief Investment Officer, Mr. Malek Al-Ajeel, the Head of Business Development and Strategy, and Mr. Raffaele Bertoni, Head of Debt Capital Markets.

This partnership between ICBC ( Asia) Investment Management, a wholly-owned investment management company of ICBC (Asia), and GIC, the only pan-Gulf region investment company owned by the regional governments, will include a framework for product distribution and client referrals. Both ICBC (Asia) Investment Management and GIC will lend their respective regional credit and equity expertise to the co-management of the “New Silk Road Fund” which both parties plan to launch in the near future.