Ex-UBS banker named CIC alternative investment head

China Investment Corp (CIC), the country's US$200 billion sovereign wealth fund, has appointed former UBS head of China investment Zhou Yuan to run the fund's alternative investments, Reuters reported, citing a source familiar with the situation. In his new post, Zhou will be responsible for direct investments, real estate funds and non-real estate private equity funds. CIC has made several senior-level appointments in recent weeks as the fund seeks to expand its investments abroad. A different source said that Zhou has expertise in both Chinese and Western business culture and relationships, making him "exactly the type of person that CIC is looking for."