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Report: China Merchants Bank poaches executive from sovereign wealth fund

China Merchants Bank Co. Ltd. poached a senior executive from China Investment Corp. to become the chief investment officer of its wealth management subsidiary, China Securities Journal reported Sept. 12, citing an unnamed source.

Fan Hua, former head of fixed income and absolute return investment department at China's sovereign wealth fund, joined China Merchants Bank recently, the report said. Fan will also become a senior vice president of the wealth management subsidiary, which is not yet operational, it added.

The subsidiary is expected to open for business in the fourth quarter, the publication reported, citing Liu Hui, Assistant to Chairman of China Merchants Bank.