CIC head not keen on fresh acquisitions

HONG KONG: China Investment Corp (CIC), the country's top sovereign wealth fund, yesterday said it was not confident enough to invest money in foreign financial institutions after losing billions on stakes in Morgan Stanley and Blackstone Group.

"The market is changing every week. Even good institutions are dragged down. How I can be confident?" Lou Jiwei, chairman of CIC, told reporters in Sanya, Hainan province.

"The policies of the institutions are not clear. I wouldn't dare to invest in them until they (the policies) are clear."