Well with insiders trying to pick up all the outstanding shares, this one is headed for buyout / merger town. Will get a premium higher then what it closed at today, that's for sure. Renaissance Technologies is loading up on this angle right now too. Insiders are trying to get their hands on Credit Suisse's shares. GL
BEIJING (Reuters) – China Investment Corp is investing as much overseas each month this year as it did in all of 2008, Lou Jiwei, the chairman of the $298 billion sovereign wealth fund, said on Saturday.
CIC is counting on handsome returns this year and might one day ask the government to hand it more of the country's record hoard of foreign reserves to manage, Lou, a former vice finance minister, said.
The fund invested just $4.8 billion outside China last year as it kept its powder dry during the global financial crisis, when asset prices tumbled. It held fully 87.4 percent of its overseas investments in cash or cash equivalents.
Now that markets are recovering, CIC is constructing a broad-based portfolio, Lou told reporters on the sidelines of a forum organized by the Washington-based Brookings Institution and the Chinese Economists 50 Forum, a Beijing think-tank.
CIC posted a negative 2.1 percent return on its global investment portfolio last year as the value of stakes such as those in Wall Street bank Morgan Stanley (MS.N) and private equity giant Blackstone Group (BX.N) slumped.
But Lou said 2009 was shaping up better.
"It will not be too bad this year. Both China and America are addressing bubbles by creating more bubbles and we're just taking advantage of that. So we can't lose," he said.
Established in 1995,
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