Source: The Financial Times                     Date: 20 July, 2010

China Investment Corp, the country’s main sovereign wealth fund, has appointed Mr. John Mack, chairman and former chief executive of Morgan Stanley, to its 14-member international advisory council. The USD300-billion fund’s choice of Mr. Mack as an advisor will further cement its ties with the Wall Street bank, in which it holds a stake of nearly 10 per cent.

Mr. Mack is expected to step down as chairman of Morgan Stanley at some point in the next year or two and has been looking for ways to stay engaged in China, according to Beijing-based bankers. He will follow in the footsteps of Mr. John Thornton, the former Goldman Sachs president and current non-executive chairman of HSBC’s North American unit.

CIC has also named Mr. Joseph Yam, former head of Hong Kong’s Monetary Authority, to the council. Current members include Mr. Nicholas Stern, a former World Bank chief economist, Mr.James Wolfensohn, a former World Bank president, and  Mr. Taizo Nishimuro, chairman of the Tokyo Stock Exchange and a former chairman and CEO of Toshiba.

Mr. Mack and Mr. Yam will both serve a term of two years on the council, which was set up more than a year ago as part of CIC’s plan to be more transparent and accountable.