November 19, 2018 / 11:30 AM / a month ago

China's CIC sovereign wealth fund plans UK manufacturing investment fund

BEIJING (Reuters) - China’s CIC sovereign wealth fund is planning to set up a manufacturing investment fund in the United Kingdom, vice president Qi Bin said at Caixin’s annual summit on Monday.

China Investment Corp will partner with HSBC and Charterhouse Capital. The fund will invest in both the traditional manufacturing sector and innovative industries, Qi said.

He did not give any financial details of the planned deal.

“We are exploring a manufacturing investment fund in the U.K.. Recently, we have signed a letter of intent,” Qi was quoted as saying.

Qi also confirmed the launch of an investment fund along with Goldman Sachs (GS.N) to invest in U.S. manufacturers.

Reporting by Kevin Yao and Beijing Monitoring Desk; Editing by Kim Coghill

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