UAEBusiness

UAE sovereign fund taps e-commerce giant executive to oversee China investments

Former CFO of JD.com subsidiary joins ADIA’s Chinese private equities unit

Abu Dhabi’s sovereign wealth fund has tapped a former executive of a Chinese e-commerce giant to help oversee its private equity investments in the Asian country.

The Abu Dhabi Investment Authority (ADIA), whose current assets are valued at nearly $1 trillion, has hired the former finance chief of a JD.com Inc. unit, according to a Bloomberg report.

Hugo Hu, former Chief Financial Officer of Jingdong Industrials Inc., which is part of the Nasdaq-listed and Fortune Global 500 company JD.com, has already joined ADIA as China chief in its private equities unit, the news agency reported, quoting a spokesperson for the fund.

Hu’s departure from the e-commerce player comes as Jingdong Industrials plans to list its shares in Asia, Bloomberg noted. Jingdong Industrials has already submitted its application to list on the Hong Kong Stock Exchange.

ADIA’s current assets worth $993 billion, according to the Sovereign Wealth Fund Institute (SWFI).

Its portfolio includes more than two dozen asset classes and sub categories, from equities and fixed income to hedge funds, real estate, private equity and infrastructure,according to ADIA’s website.

Source: zawya

Image : arabianbusiness

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