New CIO Named at Korea Investment Corp

Hanwha Asset Management’s Shinwoo Kang leads the $91.8 billion sovereign wealth fund following the resignation of Heung-sik Choo.

korea investment corp executive teamNew CIO Shinwoo Kang (fourth from left) with KIC colleagues.Days after news broke of CIO Heung-sik Choo’s departure for the World Bank, the Korea Investment Corporation (KIC) has announced its next investment chief.

As of June 13, Shinwoo Kang leads investments for KIC, the $91.8 billion sovereign wealth fund said Tuesday. Kang is the fifth CIO since the fund’s 2005 launch.

Kang comes to KIC from Seoul-based Hanwha Asset Management, where he had served as president and CEO. He has also held CIO roles at Korea Investment Management and PCA Asset Management.

Kang replaces ex-CIO Choo, who announced his intention to resign in February following the November departure of KIC Chairman Hongchul Ahn. The World Bank confirmed last week that it had hired Choo as its new director of investment management.

KIC’s executive team, led since January by current CEO and Chairman Sung-Soo Eun, consists almost entirely of new hires, with Chief Risk Officer Seung Je Hong and Chief Operating Officer Sangjoon Kim each appointed this spring. Only Statutory Auditor Byung Moon Park remains from the previous administration, having served in the role since June 2014.

Related: World Bank Nabs Korea’s Sovereign Fund CIO & Korea Investment Corp Chairman Quits