Korea’s NPS narrows to 2 main candidates for brand new CIO

NPS’　fund　administration　workplace　in　Seoul　(Courtesy　of　Yonhap　Information)

South Korea’s Nationwide Pension Service (NPS), the world’s third-largest pension fund managing 917.2 trillion gained ($692 billion) in belongings as of end-August, closed the method of its new chief funding officer functions on Nov. 11, with every main candidate from sovereign wealth fund Korea Funding Company (KIC) and retirement fund Authorities Staff Pension Service (GEPS).

Set to be as early as January 2023, the recruitment of latest CIO is predicted to be a contest of two exterior candidates KIC’s former CIO Park Dae-yang and GEPS’ ex-CIO Website positioning Gained-joo, in keeping with funding banking sources on Nov. 15.

NPS’ performing CIO Park Seong-tae, managing director on the fund’s Funding Technique and Accountable Funding & Governance, didn’t apply for the place.

Different professionals considered potential candidates, together with Kang Shin-woo who served as KIC’s CIO between 2016 and 2019, Jang Dong-hun, former Public Officers’ Profit Affiliation (POBA) CIO and Website positioning Jong-kun, state-run Korea Development Funding Corp., didn’t submit functions.

IB sources mentioned that the challenges that new CIO ought to address, such because the negative returns on investment during the first half and the resignation of investment managers, have led to the low competitors fee for the place.

NPS’s fund administration arm achieved a ten.57% of annualized returns on common between 2019 and 2021 underneath former CIO Ahn Hyo-joon’s leadership. Nevertheless it had unfavorable 4.74% of returns as of end-August as a result of Fed’s quantitative tightening and international provide disruptions. Worse, a complete of 23 funding managers left the pension fund from January to end-October.

COMPETITION BETWEEN TWO MAJOR CANDIDATES

Born in 1961, Park began his monetary profession as an funding supervisor at Samsung Life Insurance coverage Co. in 1987. He has additionally labored as funding technique head at MG Korean Federation of Group Credit score Cooperatives and CIO at Allianz Life Insurance coverage and Lecturers’ Pension.

Throughout his three-year time period as KIC’s CIO from 2019, the sovereign wealth fund achieved 15.21%, 13.52% and eight.94% of returns respectively in 2019, 2020 and 2021. Park earned a bachelor’s diploma from Korea College and an M.B.A from The College of Iowa.

Website positioning, born in 1966, additionally labored for Samsung Life Insurance coverage and Samsung Asset Administration Co. from 1988 to 2014. He served as CIO at now-defunct PCA Life Insurance coverage, which has been merged with Mirae Asset Life Insurance coverage Co. between 2014 and 2018 and led the federal government official’s pension for 3 years from 2019.

Throughout his time period, GEPS posted 9.56%, 11.41% and 9.7% of returns respectively in 2019, 2020 and 2021. Website positioning earned a bachelor’s diploma and M.B.A from Yonsei College.

NPS will conduct screenings by means of paperwork and interviews for the brand new CIO place. Its committee for collection of the fund administration’s board of administrators will advocate the ultimate candidate to Korea’s well being minister, who will approve the recruitment. The CIO’s time period is 2 years, which might be prolonged on a yearly foundation.

Write to Jun-Ho Cha at chacha@hankyung.com

Jihyun Kim edited this text.

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