China’s CIC Crowned World’s Largest Sovereign Fund

What’s new: China Investment Corp. (CIC) has dethroned Norway’s government pension fund to become the world’s largest sovereign wealth fund by assets, according to a new report.

CIC had $1.35 trillion in assets under management (AUM) by the end of 2022, according to a Jan. 1 report published by Global SWF, a platform that tracks sovereign investors. The fund ballooned by $129 billion in the past year.

By comparison, Norway’s Government Pension Fund Global shrank from $1.33 trillion to $1.15 trillion in AUM during the same period, Global SWF data show. The fund booked a $164 billion loss in the first half of 2022, according to Norges Bank Investment Management, which manages the fund.