The former CIO of Korea’s National Pension Service says it must add portfolio managers to hit growth targets, but may find hiring tough after moving its fund management centre.
The $360 billion National Pension Service has started its search for a new investment head, as it seeks to increase assets by 67% over the next five years.
Choi Kwang becomes the first former health and welfare minister to lead Korea’s National Pension Service. He now faces installing a new management team.
Sources in Seoul are tipping Lee Chan-Woo to be named the new CIO of Korea’s National Pension Service, the world’s fourth largest pension fund with assets of $260 billion.
The institution, with $37 billion in assets, wants to boost its annual return from 6% to 7%.