Wall Street Journal Blogs – From its 17th-floor offices in the New Beijing Poly Plaza building, the monolithic landmark commissioned by the state-owned conglomerate China Poly Group Corp., China’s massive sovereign-wealth fund has established itself as a prime destination for overseas hedge-fund managers hoping to come home with big checks in their pockets.

Droves of hedge-fund and private-equity fund managers have made the pilgrimage since last year, when China Investment Corp. moved into its new offices, which is itself just two years old.

CIC, established in 2007, wields control over $200 billion, making it one of the world’s youngest but biggest sovereign-wealth funds. It also is emerging as one of the new hedge-fund emperors, a source of fresh cash for an industry thirsty for it.

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domain-B – Hedge funds will be allowed to borrow from the Federal Reserve for the first time under a landmark $200-billion programme intended to support consumer credit.

The new programme is aimed at injecting credit for consumers and small businesses including auto loans and credit cards will be launched in February.

The Fed said on Friday it would offer low-cost three-year funding to any US company investing in securitised consumer loans under the Term Asset-backed Securities Loan Facility (TALF). This includes hedge funds, which have never been able to borrow from the US central bank before.

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