New CIO for Korea’s NPS
04 November 2013
Category: News, Asia, Korea
By Dr. D K Song
Hong Wan Sun is the new chief investment officer to helm the world’s fourth largest pension fund, the National Pension Service (NPS) has disclosed. Mr. Hong, whose term is effective from November 4 for the next three years, succeeds Lee Chan-woo who stepped down from his post in October.
The NPS started the search for Mr. Lee’s replacement two months ago. Mr. Hong, a former vice chairman of Hana Bank, spent much of his career at the Hana Financial Group, working at several subsidiaries and affiliates, including Hana Daetoo Securities and Hana Allianz Asset Management. He resigned from the group last year.
Mr. Hong graduated from Han Yang University in 1980 after having completed his undergraduate studies, majoring in Economics. He is regarded as an expert in various financial products including foreign exchange, asset management, and derivatives.
Mr. Hong’s appointment comes at a time when the NPS is broadening out its investments. The US$380 billion fund plans to raise its allocations to equities to 30% and alternatives to 10% by 2017 by which time bond investments would have been below 60%, according to earlier pronouncements by fund officials.