Wanted: managers to run $200bn portfolio. Pay not commensurate with market rates; controversy (virtually) guaranteed.

China Investment Corporation, the newest sovereign wealth fund on the block, caused a stir even before it was formally established. Its snap decision to invest $3bn in Blackstone’s initial public offering in June left it nursing a 30 per cent paper loss. Future investment policy, however, is on a backburner while CIC concentrates on the more pressing matter of setting up shop. Top of the agenda, for now, are the basic issues of staffing, location and systems. Roll-out of international offices will provide clues as to investment strategy. There must be decent odds on a Hong Kong office, but CIC is also mulling a presence in emerging markets and western financial centres such as London are courting CIC officials assiduously.