South Korea’s sovereign wealth fund names new CEO
The sovereign wealth fund of the Republic of Korea, the Korea Investment Corporation (KIC), has appointed Heenam Choi (pictured) as its new chief executive officer.
He succeeds Sung-soo Eun, who departed last September and is now leading the Export-Import Bank of Korea.
During his introductory speech on 30 March 2018, Choi, a former executive director of the International Monetary Fund (IMF), has set plans to grow KIC into one of the world’s leading sovereign wealth funds.
“In a short amount of time, KIC has established its own overseas investment system and exceeded $130bn in assets under management. But we must do more to support the domestic finance industry and meet the public’s expectations,” he said, later adding that “we need to boost our investment performance and increase our AUM to more than $200bn to stand with the top sovereign wealth funds.”
KIC manages public funds entrusted by the Korean government, Bank of Korea and other public funds.