Korea Investment Corporation names new CIO
11 March 2014
Category: News, Asia, Korea
By Dr. D K Song
Choo Heung-Sik, former head of the Bank of Korea’s (BoK) reserve management group, was named as a CIO of Korea Investment Corporation (KIC) on March 10. He replaces Lee Dong-ik, who stepped down from the position in January.
KIC was established in July 2005. It was launched with a view to enhance sovereign wealth and contribute to the development of Korea’s domestic financial industry. The sovereign wealth fund (SWF) is mandated to manage assets entrusted by the government and the BoK. By July 2013 its AUM had surpassed US$60 billion
According to SWF Institute, BoK’s reserve management group manages around US$330 billion. During his time there, Mr. Choo had been keen to diversify Korea’s foreign exchange reserves and had been moving capital into Chinese debt and equities.
Mr. Choo began his career at the BoK in 1982 and held the positions of CIO and CRO during his tenure there; he also had a brief stretch at the World Bank as a senior consultant.
Mr. Choo said he would do his best to build on the KIC’s position as one of the most reputable sovereign funds in the world.