(Yicai Global) April 3 -- Peng Chun, chairman of China's Bank of Communications, is set to occupy the same role at China Investment, ending a two-year leaderless stint at the sovereign wealth fund.

Peng, 57, was once a deputy general manager at China Investment, Securities Times reported, citing several sources from China Investment and Bank of Communications who attended a private conference announcing the move yesterday. Peng has spent 21 years of his career at Bank of Communications, China's fifth largest lender, and was appointed chairman last February.

Founded in 2007, Beijng-based China Investment is wholly owned by the state. It aims to use the country's foreign exchange reserves to make diversified investments within a fixed range of risk, and has registered capital of USD200 billion.

It has been running without a chair since February 2017, when Ding Xuedong was promoted to deputy secretary-general of the State Council, China's cabinet. Vice Chairman and General Manager Tu Guangshao had been running the show in the absence of a leader, but retired in February this year at aged 60. Deputy General Manager Ju Weimin is set to replace him soon, according to the report.

Ju, 56, is a former director at China CITIC Bank and CITIC Securities, former chairman of the China Trustee Association and ex-deputy general manager of CITIC Group.

China Investment has not yet made the news public and Bank of Communications is yet to reveal who will fill Peng's role.

Editor: James Boynton