Investment strategy head and No. 2 of the National Pension Service’s (NPS) Investment Management department Soo-Cheol Lee has tendered his resignation to the world’s third-largest pension scheme, according to sources with knowledge of the matter on Nov. 28.
His resignation offer came after three executives left the $580 billion pension fund this year, and Hyo-Joon Ahn took office as chief investment officer in early October.
No further details about the reason for the resignation offer was immediately available.
His departure will leave empty three executive positions at the NPS, including heads of domestic equity and domestic alternative investment divisions.
Lee joined the NPS in 2006 and served as acting CIO for three months since July.
As an NPS executive, his loyalty and good understanding of the organization were highly regarded.
NPS plans to reshuffle its alternative investment management divisions divided into domestic and global investments.
It will reorganize them by asset class into real estate, infrastructure and private equity groups.
Meanwhile, NPS has yet to pay out last year’s performance-based bonuses to in-house asset management employees.
NPS has secured a budget of just 4.3 billion won ($3.8 million) out of the planned 11.5 billion won payment agreed in June.
By Chang Jae Yoo
<Edited by Yeonhee Kim>