South Korea’s sovereign wealth fund Korea Investment Corp (KIC) has hired Park Il Young from the World Bank Group as its new chief executive officer.
Park succeeds Jin Seoungho, who completed his three-year term with the sovereign wealth fund. Jin was appointed CEO in 2021. Park will also take on the role as the chairman of the board of directors.
Park was executive director for Asia and the Pacific constituency at the World Bank from November 2022 until September this year. Before that he held several roles at South Korea’s Ministry of Economy and Finance, including director of the development finance bureau, director of the foreign economic bureau and director of the international economic management bureau.
He was also a senior advisor to the executive director of the International Monetary Fund’s office for Asia and the Pacific between 2015 and 2017.
Established in 2005, KIC manages US$189.4 billion in assets.