South Korea's sovereign wealth fund names new CEO

South Korea's sovereign wealth fund names new CEO

The sovereign wealth fund of the Republic of Korea, the Korea Investment Corporation (KIC), has named Heenam Choi to succeed Sung-soo Eun as chief executive officer.

Eun left the KIC last September, and is now leading the Export-Import Bank of Korea.

Choi, pictured, is a former executive director of the International Monetary Fund.  He has already set out his plans to grow KIC into one of the world’s leading sovereign wealth funds.

During an introductory speech last week, Choi noted that KIC had, in a “short amount of time”, already established its own overseas investment system, and had built up assets under management to more than $130bn.

“But we must do more to support the domestic finance industry, and meet the public’s expectations,” he added, then later observed that “we need to boost our investment performance and increase our AUM to more than $200bn to stand with the [world’s] top sovereign wealth funds”.

KIC manages public funds entrusted by the Korean government, Bank of Korea and other public funds. Based in Seoul, it was founded in 2005, and has offices in London, New York and Singapore.