A subsidiary of China Investment Corp was the biggest institutional investor in the $62bn Reserve Primary Fund, the first money market fund in 14 years to see its net asset value fall below $1 last month, according to US regulatory filings reported by agencies.
Stable Investment Corp, which is registered at the same address as the CIC office in Beijing and shares employees with the fund according to the reports, held 11.1 per cent of Reserve Primary's shares, or around $5.4bn worth, at the start of September.
A CIC spokesperson declined to comment on ”market rumours” and refused to confirm that Stable Investment Corp, was a subsidiary of the fund.
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