The Korea Teachers Pension (KTP) has chosen Kyuhong Lee, who briefly served as head of Singapore-owned real estate investment firm Ascendas-Singbridge Korea last year, as chief investment officer, according to a spokesperson for the pension fund.
Mr. Lee will succeed Dae-yang Park, who left KTP to become CIO of sovereign wealth fund Korea Investment Corporation in July.
“KTP launched a search for [a] new CIO on August 1, and identified Mr. Lee as Mr. Park’s replacement on September 5,” the KTP spokesperson tells Asia Asset Management (AAM), adding that the appointment will be announced officially later this month following a background check.
He says Mr. Lee will serve for a two-year term, which may be extended for up to three years based on performance.
Mr. Lee was, from July to December 2018, chief executive officer of Ascendas-Singbridge Korea, a unit of Ascendas-Singbridge Group, a joint venture between Singapore’s state-owned investment firm Temasek Holdings and property developer JTC. The joint venture company was sold to another Singapore property developer, CapitaLand, this January.
Mr. Lee’s LinkedIn account does not indicate any employment since Ascendas-Singbridge Korea.
Prior to that stint, he was CIO of Seoul-based NH-Amundi Asset Management, a joint venture between Nonghyup Financial Group and French asset manager Amundi, for five years.
According to a fund analyst in Singapore, KTP probably selected Mr. Lee because of his experience with international asset management firms.
That experience could “help the pension to diversify its overseas exposure more effectively”, the analyst tells AAM, speaking on condition of anonymity.
KTP currently has around US$16 billion of total assets under management.