CITIC chief jumps ship for Temasek

Yibing Wu, currently president of CITIC PE, will join Temasek as its head of China as incumbent Wei Ding takes an advisory role.

The president of CITIC Private Equity Funds Management, Yibing Wu, has accepted the role of senior managing director and head of China at Singaporean sovereign wealth fund Temasek Holdings, according to a company statement. 

Wu will therefore leave his role at CITIC, with the appointment effective from 1 October 2013.

Wu was contacted but did not respond to a request for an interview.  

He succeeds current co-head Wei Ding, who will step down and become an advisory senior director for the firm. Ding requested to work in an advisory capacity to pursue other interests. He will continue to develop Temasek’s network and relationships in China, as well as offering macroeconomic perspectives to the firm, according to Temasek. 

Aside from his role at CITIC, Wu is also chairman and chief executive of Goldstone Investment, the direct investment arm of CITIC Securities. He also serves as non-executive director of the Lenovo Group and NOL Group.  Wu also spent 12 years working for McKinsey & Company, where he was a senior partner, general manager of the Beijing office, and head of its Asia-Pacific M&A division.

While Asia and Latin America will continue to be focus areas for us, we do see increasing opportunities in North America and Europe. We are setting up offices in London and New York to support our investment activities in these markets

Ho Ching, executive director and chief executive, Temasek Holdings

Temasek has recently bolstered its global presence, opening offices in both London and New York this year. The firm also appointed World Bank president Robert Zoellick to its board in May, in the continued effort to expand into Europe and the US, Private Equity International reported earlier.

“While Asia and Latin America will continue to be focus areas for us, we do see increasing opportunities in North America and Europe. We are setting up offices in London and New York to support our investment activities in these markets,” Ho Ching, executive director and chief executive of Temasek, said in an earlier statement. 

As of March 2013, Temasek reported assets under management S$215 billion (€127 billion; $169 billion), according to the firm. Asia forms 71 percent of its portfolio based on underlying assets. Excluding Singapore, Asia made up 41 percent of its portfolio, with China making up 23 percent. The firm has about 27 percent of its business invested in unlisted equities and does not invest in real estate or infrastructure.