Hong Kong Monetary Authority Appoints HKMA Executive Director & Former Exchange Fund CIO Clara Chan as CEO of $7.92 Billion Hong Kong Investment Corporation, Clara Chan Resigns from HKMA and Joins HKIC on 9th October 2023, Daryl Ho Succeeds Clara Chan at HKMA & Donald Chan to Succeed Daryl Ho
4th October 2023 | Hong Kong
The Hong Kong Monetary Authority (HKMA) has announced the official appointment of HKMA Executive Director & former Exchange Fund Chief Investment Officer (CIO) Clara Chan as CEO of $7.92 billion (HKD 62 billion) Hong Kong Investment Corporation (HKIC), with Clara Chan resigning from HKMA and joining HKIC on 9th October 2023 (Same day). The Hong Kong Investment Corporation (HKIC) manages the Hong Kong Growth Portfolio, Greater Bay Area Investment Fund, Strategic Tech Fund & Co-Investment Fund. Daryl Ho (HKMA Executive Director of Banking Policy) succeeds Clara Chan and Donald Chan (HKMA Executive Director of Corporate Services) succeeds Daryl Ho. HKMA: “The Hong Kong Monetary Authority (HKMA) announced today (3 October) that Ms Clara Chan, Executive Director (Monetary Management), will leave the HKMA on resignation with effect from 9 October 2023. She will join the Hong Kong Investment Corporation Limited (HKIC) as Chief Executive Officer on the same day. The HKMA also announced the consequential senior staff movements following Ms Chan’s departure. Mr Daryl Ho, Executive Director (Banking Policy), will succeed Ms Chan to oversee the operation of the Monetary Management Department. Mr Donald Chen, Executive Director (Corporate Services), will take over from Mr Ho as Executive Director (Banking Policy). Effective dates of the two appointments will be confirmed in due course. The HKMA will arrange open recruitment for the post of Executive Director (Corporate Services), and a separate announcement will be made after completion of the recruitment process.” Hong Kong Investment Corporation (HKIC):” The Hong Kong Investment Corporation (HKIC) announced today (3 October) the appointment of Ms Clara Chan Ka Chai as the inaugural Chief Executive Officer (CEO) of the HKIC for a term of three years. Ms Chan will assume office on 9 October 2023.A selection panel, chaired by the Financial Secretary, made the recommendation to the Board of Directors of the HKIC (the Board) on the appointment following a global recruitment exercise. The appointment of CEO is approved by the Board. Ms Chan will lead the HKIC to implement its mission, i.e. promoting the development of target industries through making strategic investments, thereby enhancing the long-term competitiveness and economic vitality of Hong Kong while generating investment return. Other members of the selection panel are Dr Victor Fung, Prof Lawrence Lau, Mr Carlson Tong and Chief Executive of the Hong Kong Monetary Authority Mr Eddie Yue.” More info below:
“ Hong Kong Monetary Authority Appoints HKMA Executive Director & Former Exchange Fund CIO Clara Chan as CEO of $7.92 Billion Hong Kong Investment Corporation, Clara Chan Resigns from HKMA and Joins HKIC on 9th October 2023, Daryl Ho Succeeds Clara Chan at HKMA & Donald Chan to Succeed Daryl Ho “
Hong Kong Chairman of the Board and Financial Secretary, Mr Paul Chan: “Ms Chan has solid knowledge and experience in the financial markets particularly investment in venture capital and private equity. She has good acumen and is well versed in the developments in the Hong Kong and Mainland markets as well as the international market. She has also developed an extensive network and close business relationship in the industry. Ms Chan has deep understanding in the operation of the Government and public organisations, proven track record in building and leading teams in attaining objectives, and good leadership and management skills. I have every confidence that under her leadership, the HKIC will accelerate its development, promoting the development of target industries while pressing ahead with generating investment returns.”
Eddie Yue, Chief Executive of the HKMA: “Since joining the HKMA in 2010, Clara has spearheaded the private markets team to achieve remarkable results for the Exchange Fund Investment Office. She has also made dedicated efforts to maintain the financial and monetary stability of Hong Kong and the soundness of our Stored Value Facilities and Retail Payment Systems. I would like to thank Clara for her dedication and contributions, and wish her every success in leading the HKIC to advance its mission for the betterment of Hong Kong.”
Clara Chan Ka Chai, HKIC CEO – Ms Chan is a barrister admitted by the High Court of Hong Kong. She joined the HKMA in 2010 as a Manager in the Reserves Management Department, and was promoted as Senior Manager in 2012 and as Division Head in 2015. Ms Chan was appointed the Chief Investment Officer (Private Markets) in the Exchange Fund Investment Office in 2018, and the Executive Director (Monetary Management) in 2020. She was an Administrative Officer in the Hong Kong SAR Government from 2004 to 2010, covering subjects including home affairs, transport and financial services. Ms Chan is the co-chair of the World Economic Forum Global Future Council on Responsible Investing, and a Council member of Lingnan University.
Hong Kong Investment Corporation – The HKIC is a company established and wholly owned by the Government of the Hong Kong Special Administrative Region, with a view to further optimising the use of fiscal reserves for promoting the development of the economy and industries of Hong Kong. The HKIC has brought under its management the Hong Kong Growth Portfolio, the Greater Bay Area Investment Fund and the Strategic Tech Fund established under the Future Fund, as well as the newly established Co-Investment Fund. The HKIC will, based on the direction of enhancing Hong Kong’s competitiveness as well as leading and supporting the prosperous growth of strategic industries, make investments to strengthen Hong Kong’s ability to attract investments and enterprises, with the aim of enhancing the structure of industries and the impetus of economic growth.
Hong Kong to Appoint HKMA Executive Director & Former Exchange Fund CIO Clara Chan as CEO of $7.92 Billion Hong Kong Investment Corporation to Manage Hong Kong Growth Portfolio, Greater Bay Area Investment Fund, Strategic Tech Fund & Co-Investment Fund
30th September 2023 – Hong Kong to appoint Hong Kong Monetary Authority (HKMA) Executive Director & former Exchange Fund Chief Investment Officer (CIO) Clara Chan as CEO of $7.92 billion (HKD 62 billion) Hong Kong Investment Corporation (HKIC) to manage Hong Kong Growth Portfolio, Greater Bay Area Investment Fund, Strategic Tech Fund & Co-Investment Fund. The Hong Kong Investment Corporation Limited (HKIC) is wholly owned by the Government of the Hong Kong Special Administrative Region. The HKIC consolidates the management of the investment activities of the “Hong Kong Growth Portfolio”, “Greater Bay Area Investment Fund”, “Strategic Tech Fund”, and the newly established “Co-Investment Fund”. The objectives of the HKIC are to identify investment opportunities and strategically promote development of target industries, so as to enhance the long-term competitiveness and economic vitality of Hong Kong while generating investment return. In this regard, it pools together relevant resources under the steer of the Government to attract and support foreign and local enterprises to further develop Hong Kong. More info below:
Hong Kong to Appoint HKMA Executive Director & Former Exchange Fund CIO Clara Chan as CEO of $7.92 Billion Hong Kong Investment Corporation
Hong Kong Investment Corporation Limited
The Hong Kong Investment Corporation Limited (HKIC) is wholly owned by the Government of the Hong Kong Special Administrative Region. The HKIC consolidates the management of the investment activities of the “Hong Kong Growth Portfolio”, “Greater Bay Area Investment Fund”, “Strategic Tech Fund”, and the newly established “Co-Investment Fund”. The objectives of the HKIC are to identify investment opportunities and strategically promote development of target industries, so as to enhance the long-term competitiveness and economic vitality of Hong Kong while generating investment return. In this regard, it pools together relevant resources under the steer of the Government to attract and support foreign and local enterprises to further develop Hong Kong.
In the 2022 Policy Address, the Chief Executive of the HKSAR announced the establishment of HKIC to further optimize the use of financial reserves for promoting the development of industries and the economy. In this regard, the HKIC is established to manage the investment activities of the Hong Kong Growth Portfolio, the Greater Bay Area Investment Fund and the Strategic Tech Fund, as well as the newly established Co-Investment Fund, for attracting and supporting enterprises to develop their business in Hong Kong.
Hong Kong Growth Portfolio
In the 2020-21 Budget Speech, the Financial Secretary announced that he would establish a new portfolio, named “Hong Kong Growth Portfolio”, to make strategic investments in projects with a Hong Kong nexus. And in the 2022-23 Budget Speech, the Financial Secretary announced that he will increase the funding allocated to the existing target size of HK$22 billion “Hong Kong Growth Portfolio” by HK$10 billion, of which HK$5 billion will be used to set up the “Strategic Tech Fund”. As for the remaining HK$5 billion, it will be used to set up a “Greater Bay Area Investment Fund”, which will focus on investment opportunities in the Greater Bay Area.
Co-Investment Fund
It was announced in the Chief Executive’s 2022 Policy Address that the Government will establish the HK$30 billion “Co-Investment Fund” for attracting enterprises to set up operations in Hong Kong and investing in their business.
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