CIC International, a newly established subsidiary of China's sovereign-wealth fund China Investment Corp., will take over its parent company's overseas business operations, National Business Daily reported.

CIC said last Thursday that the company has appointed Fan Gongsheng, CIC director of special investments, as the general manager of CIC International.

According to CIC's annual report, the firm had an 11.7 percent return on its global investment portfolio in 2010. The company said it is optimistic about its investment return in 2011.

The CIC was founded in September 2007 with a registered capital of US$200 billion from China's vast foreign exchange reserves.

China's business press carried the story above on Wednesday.