Police Mutual Aid Association’s (PMAA) chief investment officer Doyoon Lee was reappointed for another two-year term to become the first CIO to serve a second term for the South Korean police savings fund, according to local media reports.
PMAA’s representative conference passed a proposal for Lee’s reappointment on Sept. 12, winning support from more than two-thirds of the attendants, the Seoul Economic Daily and another local newspapers reported.
Lee will begin his second term from October to manage 2.3 trillion won ($2.1 billion) of assets, pending final approval of the chief of the national police agency.
The former fixed-income head of Samsung Asset Management Co. Ltd. is the first CIO chosen from outside the police organization.
He studied business administration at Yonsei University in Seoul, and earned an MBA from Korea University and Cornell University.
Since taking office in October 2016, Lee diversified investment into a broader range of alternative assets including infrastructure blind-pool funds and insurance-linked securities.
The annual investment return of the PMAA climbed to 5.3% and 7.3% in 2016 and 2017 respectively, from 3.7% in 2015. Alternative investments made up 52% of total assets at end-2017.
His reappointment comes after CIO of the Korea Scientists and Engineers Mutual-aid Association Du Yeong Jeong began his second term in April.
Meanwhile, Korean Teachers’ Credit Union has yet to decide on the reappointment for CIO Sung-seog Kang whose three-year term lapsed in August. It is in the process of hiring new chairman and CEO.
For Public Officials Benefit Association and Teachers’ Pension, their CIOs’ first term is coming to an end later this year.
<Edited by Yeonhee Kim>