KIC appoints Lee Hoon as CIO and Jung Ho-seok as CRO

Lee was promoted from role as investment strategy and innovation head; Jung worked for the Bank of Korea for 32 years

KIC names Lee Hoon (left) as its new CIO and Jung Ho-seok as the CRO

Jun-Ho Cha 1

2022-08-17 15:44:37 chacha@hankyung.com

Sovereign wealth funds

Korea Investment Corporation (KIC) said on Wednesday it has promoted Lee Hoon, its former head of investment strategy and innovation division, to the post of chief investment officer with immediate effect. The South Korean sovereign wealth fund also appointed Jung Ho-seok as its chief risk officer.

Lee joined the world's 14th-largest sovereign wealth fund in 2014 and has developed the fund’s asset allocation and investment strategies. Between 2014 and 2021, KIC's assets under management more than doubled from $84.7 billion to $205 billion.

Before joining KIC, Lee worked as an analyst since 1994 at major Korean financial service firms including Korea Investment & Securities Co., Woori Investment & Securities Co. and Samsung Securities Co.

Earlier this month, The Korea Economic Daily reported that the Korean government had completed Lee's employment verification and KIC would hold a committee meeting to approve his appointment. His term will be three years.

Jung also started his three-year term at KIC on Aug. 17, making a transition from the Bank of Korea where he led the planning and coordination department. He worked at the central bank for 32 years and previously headed the reserve management planning team.

The sovereign wealth fund also named Sean K. Lee as head of its investment strategy and innovation division. He will hold this position concurrently with his present role as head of the strategy and innovation group.

Write to Jun-Ho Cha at chacha@hankyung.com
Jihyun Kim edited this article.