Head of Korea Investment Corp. to be named soon

  • Published : Apr 6, 2010 - 11:53
  • Updated : Apr 6, 2010 - 11:53
The short list of candidates for a head of the Korea Investment Corp., a state-run investment body, is believed to have included three Korean senior executives, industry sources said yesterday.
The likely candidates for the state-run investment agency are Yoon Young-won, a senior advisor to Samsung Life Insurance Co., Jun Kwang-woo, a former vice chairman of Woori Financial Group and Lee Kang-won, chief executive officer of Goodmorning Shinhan Securities Co., they said.
The news came amid speculations that the government may choose a foreign executive to head the Korea Investment Corp, which will begin its operation in July.
The Ministry of Finance and Economy said on Thursday that it recommended four high-profile executives and a Chinese investment expert at a Singaporean asset management firm to Cheong Wa Dae.
The presidential office is expected to name the most likely candidate after close inspection. It also needs to seek endorsement from the finance minister to appoint the nominee as the head of the investment agency.
The term of the presidency is two years, and the annual salary is expected to be over a billion won, including bonuses and various incentives, according to industry sources.
Korea`s $202.16 billion foreign currency portfolio is the fourth-largest foreign reserves in the world. BOK Gov. Park Seung told lawmakers earlier this year that the central bank plans to ask Korea Investment to manage $17 billion for itself on the condition that it may withdraw the investment at any time.
The Finance Ministry will also put $3 billion into the state-run investment agency, which will be invested in overseas property, derivatives and other assets.
The KIC will start with $20 billion in capital from the foreign exchange reserve. It will initially manage dollar-denominated state assets and will gradually expand to cover pension and other government funds.

By Kim Jung-min