Korea Investment Corporation (KIC) has chosen Dae-yang Park, chief investment officer of the country’s Teachers’ Pension, as new CIO among a dozen applicants, according to investment banking sources on June 11.
The sovereign wealth fund is checking Park’s qualifications and reputation before appointing him as successor of Shinwoo Kang whose three-year term as CIO expired on June 12.
Park scored the highest on interviews and other assessments among four short-listed candidates, including ex-CIO of the Government Employees Pension Service Chang-hoon Lee, the sources added.
Park, an MBA of Iowa State University, has been leading Teachers’ Pension investments as CIO since January 2017. His two-year term was extended by one-year until the end of this year.
If appointed, Park will become KIC’s first chief investment officer who worked as CIO of a pension fund.
“On top of ample experience across asset classes including stocks, bonds and alternative investments, his good command of English will make him the right man for the CIO position of the sovereign wealth fund,” said one of the sources.”
Park had worked as a fund manager of Samsung Life Insurance Co. Ltd. and Samsung Investment Trust Management Co. Ltd. At the insurance company, he had a stint in the London office.
At MG Korean Federation of Community Credit Cooperatives, he served as the investment strategy head.
Prior to the Teachers’ Pension, he worked as CIO of formerly Allianz Life Insurance Co. Ltd. (currently, ABL Life Insurance Co. Ltd.)
He majored in business administration at Korea University.
KIC manages $142 billion in assets entrusted by the finance ministry, the Bank of Korea and public funds for overseas investments.
By Chang Jae Yoo
<Edited by Yeonhee Kim>