 Jun Kwang-woo poses in front of his favorite calligraphy work, which says "be modest and then you can move ahead." / Korea Times photo by Shim Hyun-chul |
Jun Kwang-woo, chairman of the National Pension Service (NPS), doesn’t always wear double breasted suits, only often enough to nearly make it a fashion trademark of sorts.
In bold clothing statements, the 62-year-old leader of one of the world’s largest pension funds finishes his wardrobe with neckties of primary colors that stand out but are in harmony with his gray-tone jacket on top and robin’s egg blue shirt underneath.
But Jun’s elegant style in attire is not the only element through which he earned the reputation as a man with a high set of global standards, a rare and distinguishing trait among Korean bureaucrats.
Equally contributing to his reputation is his manner of speech.
His English is excellent, having studied in the United States and worked as a chief economist at the World Bank. This is not so special considering many of his tier have bilingual skills but rather than his proficiency it is the way he converses and his eloquence that separates Jun from the others.
The first chief of the powerful Financial Supervisory Commission (FSC) in the Lee Myung-bak government has a special ability, although there is no way of knowing whether it is acquired or a gift, to engage in serious conversation without committing himself unnecessarily.
While doing so, he is natural at expressing compassion. Inside, it may appear that he is calculating.
Perhaps, it is a macro-economist’s prudence or an occupational habit.
In his previous job as FSC chief, his every word was closely adhered to, analyzed and interpreted, often giving direction to the markets.
His current job also requires him not to divulge his intentions because one inappropriate word can send a “wrong” signal to the market, in the process making or breaking a firm’s stocks.
This also makes it a challenge to predict his intentions because he avoids direct answers and adds qualifiers to leave no loose ends in his previous remarks. He doesn’t sound like an unintelligible Alan Greenspan, if it is only because Jun often proves to be pleasant rather than serious.
For instance, of course he says it is important that his organization is selective in choosing companies for investments, adding that tobacco is not an ideal industry to make either direct or indirect investments.
When asked directly whether the NPS is divesting from KT&G, Korea’s tobacco and ginseng product manufacturer, he would dance away from the question by saying that he has heard that KT&G is changing its name to a health-conscious Ginseng Corp., while smiling. That smile catches his interlocutors flatfooted, caught on the bridge between jest and honesty.
Just before one is able to push further, he uses his “Fifth Amendment” guaranteed right of sorts by adding, “It is not proper for me to talk about one special firm or area of business. Besides, I delegate specific investment decisions to our fund managers.”
His effort to “depersonalize” NPS has thus far been successful, showing positive results under his watch. Previously, the NPS was under fire for being used as a tool by the government to prop up stock markets and support its initiatives, with its heads under great external influence.
Another character the NPS is building is investment diversification. Jun is an extensive traveler, and already has plans to visit China and Japan as well as New York in the first half of the year. His New York trip is particularly important because it is for the opening of an NPS office aimed at getting the latest information in the world’s biggest financial hub.
A hint of an increased diversification is well showcased by an array of pictures in his 5 meter by 2.5 meter frugally-furnished reception room adjacent to his office. The pictures capture Jun rubbing his shoulders with such big wigs in the global finance as Larry Fink of BlackRock; Citigroup’s Vikram Pandit; KKR Henry Kravis; Goldman Sachs’ Lloyd Blankfein; Robert Rubin and World Bank President Robert Zollick. It is not hard to guess how much money floats this way and that under the control of these people in the pictures.
“It all comes down to networking,” he said. “When they move, the financial world moves.”
Otherwise, Jun is aware of his Spartan receiving room when he said, “Warren Buffett is not the world’s best investor because he has a big office. It is substance, not appearance.’’
He continued, “Besides, I am running the state pension so I have to be frugal. This room reflects that.”
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