The Hong Kong Monetary Authority announced that Assistant Chief Executive (Monetary Management) Paul Chan has resigned from the HKMA and will leave on October 9, 2023. On the same day, he will join Hong Kong Investment Management Co., Ltd. as Chief Executive Officer.
With the departure of Chan, the Hong Kong Monetary Authority also announced other personnel changes in the senior management. Assistant Director (Banking Policy) Ho Hon Kit will replace Chan, and Assistant Director (Institutional Development and Operations) Chan Yi will replace Ho Hon Kit. In his Policy Address last October, Hong Kong Chief Executive John Lee announced that HK$30 billion would be allocated from the Future Fund to establish Hong Kong Investment Management Co., Ltd. (HKIC). The company is known as the "Hong Kong version of Temasek". The official website shows that HKIC will bring the "Hong Kong Growth Portfolio" (HK$22 billion), the "Greater Bay Area Investment Fund" (HK$5 billion) and the "Strategic Science and Technology Innovation Fund" (HK$5 billion), as well as the newly established "Co-Investment Fund" (HK$30 billion) to attract key enterprises to settle in Hong Kong, under unified management, with a total scale of HK$62 billion.
