Hong Kong set to name HKMA’s Clara Chan CEO of new US$8 billion Greater Bay Area focused fund, sources say

Clara Chan, an executive director at the Hong Kong Monetary Authority, is set to be named CEO of the Hong Kong Investment Corp, sources say

The fund was unveiled by Chief Executive John Lee in his Policy Address last year to ‘further optimise the use of fiscal reserves’ and enhance ties with bay area cities

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Hong Kong has formed a fund to invest in diverse industries in the Greater Bay Area. Photo: Bloomberg

Published: 12:09pm, 29 Sep 2023

Hong Kong is poised to name Clara Chan Ka-chai as the first CEO of a new HK$62 billion (US$8 billion) fund being established to invest in businesses across the Greater Bay Area.

Chan, currently an executive director at the Hong Kong Monetary Authority (HKMA), is set to be named CEO of the Hong Kong Investment Corp (HKIC), people familiar with the matter said, asking not to be named discussing an internal decision. The appointment could be made in the coming weeks, said two of the people.

A spokesperson for HKIC said the open recruitment for the job is still ongoing. The government referred questions to the HKIC and declined further comment.

The fund was unveiled by Chief Executive John Lee in his maiden Policy Address last year. Its aim is to “further optimise the use of fiscal reserves” to promote the economy and industries and enhance ties with Chinese mainland cities surrounding Hong Kong.

HKMA executive director Clara Chan is set to be named CEO of a new HK$62 billion fund. Photo: Sam Tsang

Chan, who is in her early 40s, will oversee eight general partners in making strategic investments in sectors including technology, healthcare, logistics and supply chain management, financial services and consumer products.