Korea Post has appointed a former regulator of the Financial Services Commission (FSC) to lead its insurance bureau which manages $44 billion in assets, more than 70% of which consists of fixed-income assets.
Hyun-joon Shin will succeed Jeong-gak Kim at the state-run agency. Kim will take over Shin’s job as head of the corruption prevention and monitoring team in the prime minister’s Office for Government Policy Coordination.
Shin, an economics Ph.D of Missouri State University, headed insurance, asset management and global finance divisions of the regulatory FSC.
He also served as the vice chair of the insurance and private pensions committee of the Organisation for Economic Cooperation and Development (OECD).
After passing a state examination for selecting administrators in 1991, the Seoul National University graduate dealt with government budget and financial policies in the finance ministry, as well as banking and insurance policies.
His arrival to Korea Post comes as the state-run agency is pushing into alternative assets, including hedge funds.
Its insurance arm established the alternative investment division this year, which comprises real estate/physical assets, private equity/venture capital and hedge funds.
By Chang Jae Yoo
<Edited by Yeonhee Kim>