NPS appoints An as new CIO

By Lee Kyung-min

An Hyo-joon

National Pension Service (NPS) appointed BNK Financial Group President An Hyo-joon as the new chief investment officer (CIO) of its Investment Management department, it said Monday.

His two-year term with a possible one-time extension will begin today.

The appointment fills the 15-month vacancy of the powerful position that handles 643 trillion won ($567 billion) in NPS funds, the third-largest pension fund in the world managing retirement funds for Korea's 21.2 million subscribers.

An served as fund manager of BEA Union Investment in 2007 before serving as overseas securities chief and stock management manager at the NPS in 2011.

He was the CEO of Kyobo Axa Investment Managers in 2013 before becoming CEO of BNK Securities in February 2016. He has extensive experience in overseas asset management.

An was among 13 people shortlisted for interviews out of 30 applicants that sought the CIO position in July, a procedure that began after the NPS concluded the previously selected three finalists all failed to meet the requirements in February.

Among those who didn't disqualify was Baring Asset Management Korea former CEO Kwak Tae-seon, who left the country after alleging that he was not appointed as CIO due to directions from a “higher office.”

Kwak said he first applied for the position at the recommendation of Jang Ha-sung, a senior policy adviser to President Moon Jae-in. Kwak added that he received a call from NPS chief Kim Sung-joo who he said tried to “let him down easy.”

Hanwha Investment & Securities former CEO Joo Jin-hyeong, who was also considered one of the most viable candidates, failed to secure the nomination due to his ethical lapses including dodging military service.