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South Korea’s KIC names new chief operating officer

Seoul finance center

South Korean sovereign wealth fund Korea Investment Corporation (KIC) has appointed Jihwan Chung as chief operating officer to replace Sangjoon Kim, who retired earlier this year.

The appointment was effective July 1.

Mr. Chung was previously KIC’s chief compliance officer, a position that’s now been filled by Sooyong Jung, who headed the alternative investment group, the wealth fund says in a statement on July 7.

James Kim, the head of the infrastructure and real estate team, takes over as head of the alternatives group.

Mr. Chung joined KIC from Korea Development Bank in 2005 and has held various senior positions over the years, including head of the strategy management and information technology groups.

KIC had US$157.3 billion of total assets under management at the end of 2019.