China Wealth Fund’s Head of Multi-Asset Group Resigns

(Bloomberg) --

Wallace Yu has resigned as head of the multi-asset group at China's $941 billion sovereign wealth fund, according to people with knowledge of the matter, joining a string of senior executive departures in recent years.

Yu, a portfolio manager in China Investment Corp.'s fixed-income and absolute-returns department, submitted his resignation last month, said the people, who declined to be named discussing private matters. CIC and Yu didn't reply to emails seeking comment.

He is the latest senior executive to depart since 2017. Most exits came during a two-year stretch when CIC was without a top leader. The government appointed Peng Chun as chairman in April 2019, filling that void.

The multi-asset group, previously led by Yu, cut the fund's risk allocation portfolio by about 50% in mid-March, limiting losses from steepening stock and bond declines as the coronavirus outbreak spread around the world, Bloomberg News reported that month.

Yu joined Beijing-based CIC in 2009, according to his LinkedIn profile. He previously worked at Citadel LLC, Deutsche Bank AG and Morgan Stanley, with a focus on quantitative strategies.

Roslyn Zhang, who was in charge of hedge fund allocations in the same department as Yu, resigned around the end of last year. Other CIC departures in recent years include Zhang Qing, who was executive vice president of direct investments, and Wang Ou, who led the private equity department.

Winston Ma Wenyan stepped down as head of the North America office in early 2018, Larry Zhang quit as head of public equities in 2017, and David Zhang, who was a managing director at subsidiary CIC Capital, left the same year.

With assistance from Bloomberg