Korea Investment Corporation (KIC) has appointed as chief investment officer ex-CIO of the Teachers’ Pension Dae-yang Park, the sovereign wealth fund said on August 5.
Park was chosen for the three-year position among a dozen applicants in June and underwent background checks. He became KIC’s first CIO with experience as a pension fund’s CIO.
He majored in business administration at Korea University and earned an MBA from Iowa State University.
Since beginning his investment career at Samsung Life Insurance Co. Ltd. in 1987, Park had served as investment strategy head of MG Korean Federation of Community Credit Cooperatives and as CIO of Allianz Life Insurance Co. Ltd. (currently, ABL Life Insurance Co. Ltd.).
Until recently, he had led Teachers’ Pension investments as CIO since January 2017.
“New CIO Park has long experience in leading asset management as CIO at institutions such as pension fund and insurance companies. He’s the right man for this position with not only investment expertise, but also leadership and a high ethical standard,” KIC’s chief executive officer Heenam Choi was quoted as saying in a KIC statement.
“Armed with experience and specialized knowledge in global investment, he will make a big contribution to KIC taking a big step toward becoming the world’s top sovereign wealth fund,” he added.
KIC manages $140 billion of assets entrusted by the finance ministry, the Bank of Korea and public funds for overseas investments.
By Chang Jae Yoo
<Edited by Yeonhee Kim>