China Investment Corp moving headquarters to New York
China's $750 billion sovereign wealth fund is preparing to move its North American headquarters to New York from Toronto in one of the clearest signs yet of where the money is headed.
CIC set up its first and only overseas office in Toronto in 2011 and invested heavily in resource bets that have gone badly. The Financial Post outlines how their largest bets are trading at around 20-cents on the dollar.
Reports suggest China may partner with a buyout firm like Blackstone or KKR to create a $50-100B overseas direct investment fund.
USD/CAD impact
The direct impact may not be great but this is a perfect example of which way the wind is blowing. Real money is fleeing resources and emerging markets in favour of New York.
