S. Korea's terms of trade snaps 4-month fall in Sept.

Expert named to head sovereign wealth fund

kh close

 

Published : 2011-07-19 19:04
Updated : 2011-07-19 19:04

Choi Jong-seok, son of former President Choi Kyu-hah, has been picked to head Korea Investment Corp., officials said.

The country’s sovereign wealth fund and Ministry of Strategy and Finance have reviewed four applicants for the post and selected Choi, former chief executive of Allianz Global Investors Korea Ltd. and former vice president of Hana Bank. 

Choi Jong-seok


Choi, 60, will replace Chin Young-wook, whose two-year term expired.

The KIC was established by the government in 2005 with the aim of investing excess reserves of the Bank of Korea abroad more actively. KIC runs $35 billion in assets at present.

It came under fire when it incurred an appraisal loss of $816 million on its $2 billion investment in Merrill Lynch in 2008, the wealth management unit of Bank of America.

A graduate of Hankuk University of Foreign Studies, he has held a variety of positions in the financial industry using his expertise in international finance and private investment, including at Korea Exchange Bank and Hana Bank.

By Shin Hyon-hee (heeshin@heraldcorp.com)

Photo News

티아라 효민 멋진 뒤태에 남심 흔들

섹시백 선발대회 몸매 뽐내는 참가자들

카자흐 女배구선수 초특급 미모, 전세계 ‘깜짝’