China Investment Corp., the country's main sovereign wealth fund, has appointed John Mack, chairman and former CEO of Morgan Stanley ( MS), to its 14-member international advisory council.

The $300 billion fund's choice of Mack as an advisor will further cement its ties with the Wall Street bank, in which it holds a stake of nearly 10%.

Mack is expected to step down as chairman of Morgan Stanley at some point in the next year or two and has been looking for ways to stay engaged in China, according to Beijing-based bankers.

He will follow in the footsteps John Thornton, the former Goldman Sachs president and current non-executive chairman of HSBC's North American unit.

Thornton, also a member of CIC's international advisory council, has concentrated much of his time and attention on China since leaving Goldman and took up a teaching post at Tsinghua University in Beijing.

CIC on Thursday also named Joseph Yam, former head of Hong Kong's Monetary Authority, to the council. Current members also include Nicholas Stern, a former World Bank chief economist, James Wolfensohn, a former World Bank president, and Taizo Nishimuro, chairman of the Tokyo Stock Exchange and a former chairman and CEO of Toshiba.

Mack and Yam are replacing Arminio Fraga, a former president of the Brazilian central bank, and Lawrence Lau, vice chancellor of the Chinese University of Hong Kong.

The two outgoing members of the council resigned for personal reasons or "potential conflict of interest in business", CIC said in a brief announcement.

Mack and Yam will both serve a term of two years on the council, which was set up over a year ago as part of CIC's plan to be more transparent and accountable.

Yam was head of the HKMA, Hong Kong's de facto central bank, from its founding in 1993 until his retirement late last year.

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