The Military Mutual Aid Association (MMAA), South Korea’s $8 billion savings fund, has appointed Jae Dong Kim, the fund’s former head of securities, to serve as its chief investment officer (CIO).
Kim is the first internally-promoted CIO of the pension fund. Prior to joining MMAA as head of securities, he led equity investments in Baring Asset Management’s South Korea operations as well as for Korea Investment Management Co. Ltd.
Kim started the role in the beginning of April after the departure of the fund’s former CIO Sang-Ho Lee in March. Kim is in charge of managing stocks, bonds and alternative investments for the next three years.
MMAA confirmed the appointment but declined to comment further.
The pension fund currently has around 60 percent of alternative investment in real estate, 25-30 percent in private equity and private debt and the remaining in infrastructure, market sources told sister publication PDI.
Traditionally, CIOs of South Korean pension and savings funds serve for two years and their tenure can be extended on an annual basis. Last December, the country’s Teachers’ Pension also appointed a CIO, with David Park, formerly CIO at Allianz Life Insurance, joining the pension fund.