By Mark Kleinman, City editor
David Cameron, the former Prime Minister, is lining up a former executive at China’s sovereign wealth fund to join a new investment firm that will back trade links between Britain and the world’s second-biggest economy.
Sky News understands that Hu Bing, who held a senior role at China Investment Corporation (CIC) until 2013 and has been advising Mr Cameron on the initial stages of his plans, has been approached about becoming chief executive of the new vehicle’s Chinese arm.
The former PM has been working on plans for a $1bn UK-China investment fund for most of the last year, and has held talks with a wide range of institutions in the City and elsewhere about backing it financially.
Sources who have spoken to Mr Cameron say he has expressed confidence that CIC could commit hundreds of millions of dollars to the fund.
Recruiting Mr Hu to a leading role would improve the new venture’s chances of getting off the ground.
As well as his executive role at CIC, which he continues to advise, he previously worked at Wall Street banks including Lehman Brothers and Goldman Sachs.
His current executive role is as co-CEO of the Russia-China Investment Fund, a private equity fund set up with CIC’s backing in 2012.
If he did opt to join Mr Cameron’s new venture, Mr Hu would be likely to relinquish his existing role.
An executive to lead the UK arm of the business is said to have been identified by Russell Reynolds Associates, the headhunter, although their identity was unclear on Wednesday night.
Details of the former PM’s vehicle’s investment strategy remain sketchy, and it is continuing to progress applications for relevant licences.
A final decision about whether to proceed with the venture is expected in the coming months.
Mr Cameron was a major enthusiast for forging stronger bilateral trade links with China during his time in office, a tone which has cooled noticeably since Theresa May replaced him.
The next phase of the UK-China Economic and Financial Dialogue is due to take place this autumn, with Mr Cameron potentially being in a position to announce more details of his fund at around that time.
Plans for the fund were confirmed last year, when Chancellor Philip Hammond referred to it as part of the annual UK-China Economic and Financial Dialogue.
The fund is likely to invest in sectors such as technology, with roughly half the money expected to come from British investors.
A spokesman for the former PM declined to comment further on Mr Hu’s potential executive role, but has previously said: “David Cameron remains very proud of his work as Prime Minister launching the ‘Golden Era’ between the UK and China with President Xi, and strengthening the UK-China trade and investment relationship.
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“In an effort to build on that work out of office, he wishes to play a role in a new UK-China bilateral investment fund that will invest in innovative and sustainable growth opportunities in both the UK and China to create jobs and further boost trade links.
“Having now received official advice from ACOBA [Whitehall’s advisory committee on business appointments], work is continuing on establishing the fund – including holding discussions with a number of financial institutions in the UK and China.”
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