Sovereign wealth fund eyes security of raw materials

BEIJING - The managing director of China Investment Corp (CIC), the nation's sovereign wealth fund, is moving to Canada to bolster the company's attempts at investing in natural resources, according to a company official with direct knowledge of the matter.

The director, Winston Ma, who is part of the special investments department at the corporation, was appointed deputy head of the fund's only office outside China this month, according to the executive, who asked to not be indentified. Wu Xueling, a spokeswoman for CIC, didn't answer two calls to her mobile phone.

Chinese companies have bid $25 billion this year for overseas natural gas, copper and other natural resources in the hope of securing the energy and raw materials by the fastest-growing large economy in the world.