Report: China Life’s CIO to head Bohai

Liu Lefei will reportedly be the new chief executive of China’s first wholly domestic private equity fund.

Liu Lefei, the chief investment officer of China Life Insurance Company, a Beijing-based insurer, will succeed Au Ngai as chief executive of the Bohai Industry Investment Fund, China’s pioneer domestic private equity fund, according to The Wall Street Journal.

Liu has been China Life’s chief investment officer since July 2006. He is also a director of Guangdong Development Bank and China Life Franklin Asset Management Company, a joint venture between China Life and investment firm Franklin Templeton Investments.

Previously, he was the general manager of state-funded securities company, China Galaxy Securities’ investment management department, as well as the general manager of a Beijing Galaxy Investment Advisors, an investment consulting company. Liu has also held a position within the Ministry of Metallurgy of the State.

The state-backed Bohai Industry Investment Fund, which is currently raising RMB 20 billion ($2.9 billion; €2.1 billion), was established in December 2006 to provide funding for companies struggling to access bank loans in Tianjin’s Binhai New Area.

China Life is an investor in the fund, along other investors which include Bank of China International, a state-owned commercial bank and the National Social Security Fund, a RMB 500 billion state-owned pension fund.

The Bohai Industry Investment Fund declined to comment while China Life could not be reach for comment at press time.