Korea Investment Corporation (KIC), South Korea’s sovereign wealth fund, has chosen Dae-yang Park as its new chief investment officer after a two-month search, according to people familiar with the matter.
Mr. Park is currently CIO of The Korea Teachers Pension (KTP).
He succeeds Shinwoo Kang, whose three-year term as KIC’s CIO ended on June 12.
The wealth fund initiated the process to find Mr. Kang’s successor in April and interviewed several candidates. One of the sources says Mr. Park’s appointment has to now be evaluated by the presidential Blue House before it becomes formal.
“It looks like it is now official that [Mr. Park] is the new CIO KIC picked and he is now going through the final review by Blue House,” this person tells Asia Asset Management (AAM).
Mr. Park is expected to join the wealth fund in the middle of July. The timeline suggests he may be leaving KTP earlier than scheduled as he still has six more months to go on his contract at the pension fund, where he has worked since 2017.
KIC spokespersons did not immediately respond to questions from AAM. Spokespersons for the teachers’ pension fund could not be reached for comment.
Andrew Shin, director and head of investment services for Korea at fund advisory firm Willis Towers Watson, describes Mr. Park as a well-rounded candidate for the KIC appointment, with a diverse background and experience in various asset classes.
“Also, Mr. Park’s international experience and bilingual capability is very important for KIC,” Mr. Shin tells AAM.
Prior to joining the teachers’ pension fund, Mr. Park was CIO of Seoul-based Allianz Life Insurance Co, now known as ABL Life Insurance Co. He has also worked as a fund manager at the London office of Samsung Life Insurance.
KIC managed portfolios with a total net asset value of US$131.6 billion as of end-2018.