South Korea’s sovereign wealth fund Korea Investment Corporation (KIC) has appointed the former head of its London office, Sangjoon Kim, as its new chief operating officer (COO), according to a statement.
Kim will also be a member of KIC’s executive management, effective immediately.
His appointment follows the resignation of a number of top executives in February, as reported by Private Equity International.
Kim joined KIC in 2009 and led equity investments and investment strategy teams at the fund. Prior to joining KIC, he had worked 20 years at Samsung Life Insurance Co and at Barclays Global Investors in Hong Kong as a client director.
Kim replaces Young Kim, who resigned in February alongside chief investment officer Heungsik Choo, and chief risk and compliance officer Taeg Ki Hong. Their departures followed the appointment of a new chief executive, former World Bank director Sung-So Eun in January.
KIC has not yet announced replacements for Choo and Hong.
KIC oversees over $85 billion in assets as of end 2014, with about 4 percent of its total assets allocated to private equity.
In Asia, KIC has made commitments to The Longreach Group, Tata Capital, Mubadala Infrastructure Partners and The Blackstone Group’s GSO Capital Solutions Fund, according to PEI Research & Analytics.