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| Park Dae-yang |
Korea Investment Corporation (KIC) has nominated Teachers' Pension Chief Investment Officer (CIO) Park Dae-yang as its new CIO.
Park will succeed the former KIC CIO Kang Shin-woo whose three-year term ended June 12, following qualification and reference reviews.
His three-year term will begin in mid-July upon the KIC steering committee's final go-ahead.
Park was among four candidates shortlisted out of around 20 applicants who entered bid for the position since April.
Among the shortlisted were former CIOs: Lee Chang-hoon of the Government Employees Pension Service, Tong Yang Asset Management's Koo Se-hoon and another candidate from Samsung Asset Management.
Park's soon-to-be predecessor Kang was also a CIO at Hanwha Asset Management.
His professional experience and excellent command of English are expected to serve the sovereign wealth fund well.
He became CIO of Teachers' Pension investments in January 2017.
His previous work with asset management includes time with Samsung Life Insurance, Allianz Life Insurance, which was acquired by ABL Life Insurance, and the Korean Federation of Community Credit Cooperatives.
Park's broad experience in asset management involves sectors of insurance, stocks, bonds and overseas investment.
He majored in business administration at Korea University.
KIC manages over 142 trillion won ($118 billion) in assets entrusted by the Bank of Korea, the Ministry of Economy and Finance and public funds.
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