Thailand’s Social Security Office (SSO) has named a new head of investments following the departure of previous incumbent Win Phromphaet this month, AsianInvestor has learned.

The pension fund, which had $38.5 billion in assets under management as at the end of March 2015 by AsianInvestor AI300 data, has promoted Chompoopen Sirithorn to succeed Phromphaet. She is now responsible for managing the investments of the mandatory Social Security Fund and Workmen Compensation Fund.

Previously Sirithorn served as domestic equity fund manager in the investments team under Phromphaet. She has worked at SSO for more than eight years, having started in July 2007 as a buy-side research analyst, before moving on to become a risk analyst and, in 2011, joining the investments team as an equity manager. Prior to that Sirithorn worked as a senior auditor at consulting firm PwC.

Phromphaet exited SSO to become chief investment officer of the Thai arm of Malaysia's CIMB-Principal Asset Management, based in Bangkok. He took up his new position at the start of this month and oversees portfolio management of domestic fixed income and equities, as well as global investment strategies.

He had worked at SSO for 13 years, initially serving as head of global and real estate investments since April 2002 before being promoted to head of investments in November 2012. Phromphaet also served as deputy spokesperson for the institution. It is understood that Sirithorn does not have this responsibility yet.

SSO was established in September 1990 to provide social security services to its members and their families. It currently has about 13 million members.

It is Thailand’s second largest institutional investor after the $159 billion Bank of Thailand, and its largest fund. Its assets under management grew 13% in the year to March 2015, by AsianInvestor data.

SSO has been seeking to reduce reliance on Thai fixed income in its asset allocation, increasing to equities and alternatives and venturing more offshore. Its target annual return is around 5.5%. The fund made its first moves into global equity and property in late 2011, as reported exclusively by AsianInvestor.