Asian Development Fund Names Inaugural CIO

A former minister in the Indian government will lead the investment operations of the Asian Infrastructure Investment Bank.

The Asian Infrastructure Investment Bank (AIIB)—a new collaborative development vehicle—has appointed a former Indian government minister as its first CIO, overseeing a portfolio of up to $100 billion.

DJ Pandian will lead “planning and supervision of the bank’s infrastructure investment” through promotion of sustainable investment across the continent, the AIIB said in a statement.

Pandian is one of five new vice presidential appointees. Previously, he served as the chief secretary for the Indian state Gujarat, and has held several senior positions in state, national, and international affairs. The AIIB called him “instrumental” in helping attract international investment in India’s much-needed infrastructure.

Among the other appointments to the AIIB’s senior management were Kyttack Hong, chairman and CEO of the Korea Development Bank, who became the multilateral group’s chief risk officer. The World Bank’s Joachim von Amsberg was named vice president for policy and strategy, and does not plan to give up his day job for the new position. Former UK government minister Sir Danny Alexander has been made corporate secretary.

The Beijing, China-based bank announced Jin Liqun as president last year. He is also chairman of the board of supervisors for China Investment Corporation, and sits on the State Monetary Policy Committee in China.

The AIIB was established last month after several years of planning, and is designed to help fund infrastructure projects across Asia and promote co-operation between its member states. Thirty-seven Asian countries back the project, including China, India, and Korea, as well as 20 non-Asian countries, predominantly from Europe.

The AIIB is expected to raise as much as $100 billion from its 57 members, according to documents on its website.

Related: Investors Pile into Real Assets as Record Numbers Seek Funding