World Bank Nabs Korea's Sovereign Fund CIO

With no successor named, Heung-sik Choo departs to oversee $130 billion investment pool.

The World Bank has appointed Heung-sik Choo, outgoing CIO of the Korea Investment Corporation (KIC), as director of its investment management division, the bank confirmed Wednesday.

Choo took over the $91.8 billion Korean sovereign wealth fund in March 2014, becoming the fund’s fourth leader since it launched in 2005. He replaced ex-CIO Dong-ik Lee, who quit mid-term in January 2013.

In February of this year, Choo announced his intention to resign from KIC as soon as a successor could be found, though a replacement has yet to be announced.

His announcement came just months after KIC Chairman Hongchul Ahn departed the fund in November, a year before his term was due to end.

At the World Bank, Choo will be responsible for overseeing $130 billion in assets for the bank’s lending arms, trust funds, investment guarantee agency, and clients.

Choo has previously served in separate roles as CIO and head of reserves at the Bank of Korea.

Related: New Central Banking CIO for Korean SWF & Korea Investment Corp Chairman Quits