South Korea’s National Pension Service (NPS) has drawn slightly over 200 applicants for about 30 positions opened at its fund management division, hitting a record-low competition rate for the division’s recruitment, an NPS source said on August 25.
The world’s No.3 pension fund, overseeing $450 billion in assets, had received applications from July 27 until August 5 to fill vacant positions for investment strategy, alternative and equities investments and risk management. The job posting came after 11 in-house fund managers had left the NPS in the first half of this year, ahead of its office relocation to south of Seoul early next year. Since the start of July, five others at the fund management division reportedly have quit.
“Generally, we shortlist applicants for interview to three to four times the number to be actually hired,” the source told the Korea Economic Daily. “But with that number of applicants, it is hard to make an interview pool of that size.”
It is the first time for the NPS to see the competition rate for in-house fund management jobs falling below 10:1, according to online news outlet Moneytoday. At its height, the average competition rate for those posts was 13:1.
The number of the NPS’ fund management division staff has declined to 224 since the departure of 16 workers so far this year. The division sees about 260 as the appropriate number of employees, Moneytoday reported.
“Should we fail to find qualified candidates, we cannot help but scale back this round of recruitment,” the online news quoted an unnamed NPS source as saying.
By Chang Jae Yoo
<Edited by Yeonhee Kim>