The U.S. was supposed to be a destination for some of China's young financially-savvy elite. Now it's just a way-station. Bill Lu, a one-time portfolio manager at well-respected hedge fund Tudor Investment Corp., is leaving the U.S. to oversee a huge portfolio run by China's sovereign wealth fund, China Investment Corp.
Lu will be responsible for investments in hedge funds and other public-market securities. In times past, a post at Tudor might have seemed the capstone of a career. But it's clear that China's growing financial influence makes a high government post impossible to pass up.