China Central Huijin Investment Ltd. is to appoint Bai Tao, a vice president at China Life Insurance Co., Ltd., as its general manager, Caixin Media reported citing people familiar with the matter.
The appointment, yet to be officially announced, came one year after former Central Huijin general manager Xie Zhichun resigned.
Xie was also the vice general manager at China Investment Corp. before leaving his post last May, reportedly to avoid the appearance of conflict of interests as his brother runs a major financial trust firm.
Bai Tao, 52, will also become vice general manager at Central Huijin's parent company, China Investment Corp, in a routine arrangement.
Bai previously worked at the Industrial and Commercial Bank of China for 30 years, before joining China Life Insurance in 2014 as vice president.
In addition to having worked in a commercial bank and an insurance firm, Bai has taken responsibilities in various departments including risk control, internal management, and legal affairs.
Ding Xuedong, chairman of China Investment Corp, currently serves as the chairman of Central Huijin, an investment holding company managing stakes of China's biggest state-owned banks on behalf of the government.
China Investment Corp, the country's sovereign wealth fund, has made multiple appointments lately amid volatile management turnover.
It appointed former Shanghai vice mayor Tu Guangshao as its general manager in June, and named an official from China's securities regulator Xing Bing as vice general manager earlier this month.