By Nick Hedley
The Korea Investment Corporation (KIC), the sovereign wealth
fund of the Republic of Korea, has promoted Hoon Lee to chief investment
officer, from head of investment strategy and innovation. Lee replaces Park
Dae-yang, whose term ended in early August.
“Lee joined KIC in 2014 and has developed the fund’s asset
allocation and investment strategies while assets under management more than
doubled to $205 billion last year, from $84.7 billion in 2014,” the fund said
in a statement.
Before joining the fund, Lee was an analyst at Korea
Investment & Securities, Woori Investment & Securities, and Samsung
Securities.
Sean K. Lee has taken on the role of head of investment
strategy and innovation, in addition to his role of head of the strategy and
innovation unit.
Meanwhile, KIC also announced the appointment of Hoseok Jung
as chief risk officer. Jung was previously at Bank of Korea, where he led the central
bank’s planning and coordination department.
In 2021, KIC delivered an investment return of 9.1%, with
its assets exceeding $200 billion for the first time since its establishment in
2005.
Traditional assets generated an annual return of 6.8%, with
equities accounting for 40.6% of total assets and fixed income at 34.9%.
Alternative assets increased to 17.5% of KIC’s total
portfolio at the end of 2021, from 15.3% a year earlier.
KIC CEO Seoungho Jin said recently the fund will “continue
to expand alternative assets to support sustainable long-term performance.”