Hong Kong has named Clara Chan, the CEO of the new US$8 billion Greater Bay Area-focused fund, HKMA.
Hong Kong is set to become the first CEO of a new HK$62 billion fund being established to invest in businesses across the Chan, currently an executive director at the Hong Kong Investment Corp, People familiar with the matter said, asking not to be named discussing an internal decision. The appointment could be made in the next three weeks, said two of the people. The open recruitment of the job is still ongoing, a HKIC spokeswoman said. The government referred the questions to the HKIC and declined further comment. The venture was unveiled in his first year as Chief Executive. The aim of the project is to enhance the use of fiscal reserves to promote economic and industries and improve ties with Chinese mainland cities surrounding Hong Kong. Clara Chan, HKMA's executive director, is set to become the CEO of a new HK$62 billion fund. Sam Tsang Chan, who is in her early 40s, will oversee eight general partners in making strategic investments in sectors such as technology, healthcare, logistics and supply chain management, financial services and consumer products.
apart from the city's US$513 billion war chest used to defend the Linked Exchange Rate System, the HKIC has been compared to a smaller version of Singapore's US$287 billion Temasek fund. The Hong Kong Growth Portfolio, the Strategic Tech Fund, the Greater Bay Area Investment Fund, and the newly established Co-Investment Fund manage the Hong Kong growth portfolio. The HKIC has already received a number of investment proposals, including companies in the areas of innovation and technology, the spokeswoman said. Chan joined HKMA in 2010 after working in the city government. In her current job, she is responsible for macro-financial surveillance and market operations, as well as regulating stored value facilities and the retail payment system. She served as chief investment officer of the Exchange Fund for more than two decades. The barrister-by-training has been actively represented HKMA on several financial technology and stable coin related initiatives over the past few years.