The Government Employees Pension Service (GEPS) has picked Won-joo Seo, a former chief investment officer of PCA Life Insurance Co. Ltd. (currently, Mirae Asset Life Insurance Co. Ltd.) as CIO for a two-year term.
GEPS’ announcement on the new CIO last week came after ex-CIO Chang-hoon Lee ended his two-year tenure in April.
The incoming CIO Seo, 53, had also worked for Samsung Life Insurance Co. Ltd. and managed investments at its New York and Singapore units since joining the top life insurer in South Korea in 1988.
He graduated from Yonsei University’s business school in Seoul.
Last year GEPS returned a negative 1.7% on $7.4 billion of financial assets, hit by sharp falls in equities markets.
National Pension Service and Teachers’ Pension also posted their first negative annual returns in a decade.
Earlier this month, the Korea Scientists & Engineers Mutual-aid Association named new CIO, with Korea Investment Corporation on the hunt for new CIO to replace retiring Shinwoo Kang.
By Hyunil Lee
<Edited by Yeonhee Kim>