The WSJ reports that China Investment Corp. [CIC] has named Morgan Stanley’s (MS) Chairman John Mack as a member of the $300 billion sovereign-wealth fund’s international advisory council.
The announcement made Thursday is positive for Morgan because CIC, whose funding is subsidized by the Chinese gov’t in the form of RMB 1.55 trillion in long-term bonds, is one of the few Mainland banks that are making all the big deals right now. In addition, the fund also manages a sizable portion of the People’s Republic of China’s foreign exchange reserves.
CIC said in a brief statement that Mr. Mack will serve a two-year term on the CIC’s advisory board.
Morgan Stanley established ties with CIC after they bought a $5 billion stake in the U.S. bank in 2007.