‘Hank’ Ahn Hong-chul, chairman and chief executive of Korea Investment Corporation, may have quit due to a report alleging improper conduct, according to local media.
Korea’s $72 billion state wealth fund is to set up a 20-strong unit to feed macroeconomic and industrial analysis into its allocation process. It has started a reshuffle as it realigns.
Lee Dong-ik, the fund's first Korean CIO, has resigned with 15 months left on his three-year term. This is the second high-profile management resignation at KIC in the past few months.
Local media is reporting that sovereign wealth fund Korea Investment Corporation has decided on a new CEO and an announcement on the appointment is pending.