(April 2, 2012) — The Korea Investment Corporation (KIC) has appointed Dong-ik (Don) Lee as its new chief investment officer, the fund’s former CIO Scott Kalb told aiCIO.
The replacement, effective today, has assumed a three-year term and the appointment marks the first time the sovereign wealth fund has appointed a Korean national CIO. The fund searched locally and globally for Kalb’s replacement for the last several months, reportedly considering nearly 30 applicants.
Lee — who has been with KIC since 2008 as managing director and head of its private-market group — will replace Kalb, a New York City native who has completed his three-year term as the fund’s CIO. Kalb is expected to remain with KIC in an advisory capacity until June.
Lee graduated from Korea University with a major in economics in 1981, receiving an MBA from George Washington University in 1991. He also worked as a market analyst at the International Finance Corporation, the private-sector arm of the World Bank. Additionally, Lee worked for Samsung Life, running its overseas investments division, STIC Investments, a local private-equity fund, and as a financial adviser to Key Partners in Korea.
“I joined KIC right after the Lehman crisis — since then we’ve been emphasizing work in US distressed debt and emerging markets,” Lee told aiCIO earlier this month. “We’re long-term investors in illiquid assets, so we need to be careful, relying on judgment and insight to maintain a long-term view amid the uncertainty of a volatile economic environment,” Lee added.
Lee told AsianInvestor: “As the first Korean CIO of KIC, I feel tremendous responsibility and pride as well. There will be no immediate change in overall investment strategies, but I will take enough time to evaluate the current portfolio.”
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