South Korea’s NPS selects a CIO, the most important of many key roles left vacant since the fund’s early 2017 move to the countryside.Douglas Appell
Ahn Hyo-Joon has reportedly been named chief investment officer of South Korea’s 643 trillion won ($579 billion) National Pension Service.
The appointment filled a vacancy that had stretched for well over a year, a period marked by an exodus of senior investment staff following a government-dictated relocation of the pension giant’s staff at the start of 2017 from Seoul to Jeonju, a rural setting roughly three hours from the capital.
NPS’ public relations team didn’t respond to requests for confirmation, but a picture of Mr. Ahn appears on the NPS website, over a statement attributed to him, as chief investment officer, about the challenges the pension fund is facing now.
The statement said, in part, that NPS’ investment team — amid the challenges of limiting the fast-growing pension fund’s impact on domestic financial markets while dealing with a low-growth, low-interest-rate environment — will seek to improve investment returns “by proactively seeking new investment opportunities with more diversified portfolios.”
Mr. Ahn was president at financial holding company BNK Holdings. A BNK spokesman couldn’t immediately be reached for comment.