Ahn Hyo-joon, the former president of BNK Financial Group, a Seoul-based financial services provider, has joined the National Pension Service of Korea as its new chief investment officer to oversee its global investment activities.
NPS had been without a CIO for more than a year amid a stream of resignations in its senior executive team. Ahn replaces Kang Myeon-wook who resigned in July 2017 for personal reasons, a spokesman at the Korean pension fund confirmed to sister title Private Debt Investor.
Ahn previously headed NPS’s investment strategy team in 2011 and also led its domestic equity investment team. Ahn’s CIO term lasts for two years beginning on 8 October, with an option to extend for another year, the spokesman said.
The NPS spokesman did not provide information on NPS’s other vacancies but noted Ahn will be overseeing the recruitment process.
During his 18-year career in the asset management and financial services industry, Ahn has served as chief executive officer at Kyobo AXA Investment Managers, a joint venture between Korean insurer Kyobo Life Insurance and French insurer AXA’s investment arm, AXA Investment Management.
Prior to his time at NPS between 2011 and 2013, he was with BEA Union Investment Management as a senior portfolio manager. He also spent two years at ANZ Fund Management.
NPS manages 643.4 trillion won ($567 billion; €493.4 billion) in investible assets as of end-July. The pension fund had invested 10.9 percent of its investment portfolio, or 69.8 trillion won, in alternatives, up by 3 trillion won from 66.8 trillion won at the end of 2017. The pension plans to ramp up its allocation to global alternative investments to 12.7 percent or 92.6 trillion won by end-2019, according to a public disclosure from the Ministry of Health and Welfare on 30 May.