NH-CA Asset Management, a Korean joint venture fund management company owned by the National Agricultural Cooperative Federation (NACF, also known as Nonghyup) and by Credit Agricole Asset Management, has named Yang Hae-man as chief investment officer.

This is the first time in the joint venture's six-year history that it has appointed a Korean to the position, says Nicolas Sauvage, CEO at NH-CA in Seoul.

Sauvage says the appointment reflects the confidence at Credit Agricole in the development of NH-CA AM's investment capabilities. It is also meant to put a Korean face on the organisation, particularly when it comes to dealing with local institutional investors.

Yang was previously deputy head of equity management, responsible for Korean equity research and for overseas funds delegated from, or advised on by CAAM. Before joining the firm in 2004, he worked at Daehan [Korea] Investment Trust Management and SH Asset Management.

The previous two CIOs had come from CAAM. Yang's predecessor, Philippe Percheron, will remain at NH-CA for the time being. He is heading a newly established division of alternative investments (including quant) and overseas investments, the latter previously having been part of the equity department. He will remain until a new colleague from CAAM arrives, although the timing is uncertain. He is expected to rejoin CAAM in a new position thereafter.