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Abu Dhabi Wealth Fund Appoints New China Chief Amid Rising Emerging Market Investments
Abu Dhabi’s leading wealth fund has appointed Hugo Hu, formerly the Chief Financial Officer of JD.com Inc.’s unit, to manage its investments in China. This strategic move coincides with the United Arab Emirates (UAE) intensifying its investments in emerging markets.
Hu, who previously led Jingdong Industrials as CFO since December 2022 and headed JD Group’s strategic investment unit, is the latest high-profile hire by the Abu Dhabi Investment Authority (ADIA). His tenure at JD Group, a prominent Chinese e-commerce platform, began in 2021. Prior to this, Hu spent nearly a decade at Warburg Pincus, a global private equity firm.
UAE's wealth funds, including ADIA and Mubadala Investment Co., are increasingly forging closer ties with emerging Asian markets, particularly China and India. These relationships are strengthened by multimillion-dollar agreements and joint ventures. The UAE’s recent membership in the BRICS bloc further highlights its strategic pivot towards major emerging markets. Mubadala, another key Abu Dhabi wealth fund, announced plans to significantly increase its investments in Asia, citing a lower exposure to China.
ADIA manages approximately $1 trillion in assets, as estimated by Global SWF, and is chaired by Sheikh Tahnoon bin Zayed Al Nahyan. Notably, Sheikh Tahnoon also supervises G42, an artificial intelligence company that launched a $10 billion tech fund named 42X. This fund had previously engaged Jason Hu, Hugo Hu's predecessor at JD Group, to head its operations in Shanghai. However, recent reports indicate that G42 is scaling back its presence in China due to scrutiny from US officials.
Hugo Hu’s departure from Jingdong Industrials occurs as JD.com Inc.'s subsidiary prepares for a public listing in Hong Kong. The strategic appointments and departures indicate a dynamic period of growth and restructuring for these leading global and regional investment entities.
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With contributions from Sarah Zheng and Edwin Chan.
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