Korean Sovereign Wealth Fund Appoints Park Il Young as CEO

The Korea Investment Corp., South Korea’s sovereign wealth fund, announced Thursday the appointment of Park Il Young, an executive director for the World Bank Group, as its ninth CEO.

Park succeeds Jin Seoungho, who was appointed as CEO of the sovereign wealth fund in 2021. KIC CEOs are appointed for three-year terms.

Before his appointment as executive director for Asia and the Pacific Constituency at the World Bank, Park held roles at South Korea’s Ministry of Strategy and Finance, including director of the development finance bureau, director of the foreign economic bureau and director of the international economic management bureau.

The Korea Investment Corp., established in 2005, manages $189.4 billion in assets. In 2023, the fund returned 11.6%. The fund allocated 39.2% of its assets to equites, 31.5% to fixed income and 22% to alternative investments.

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Young earned a bachelor’s degree in international finance and economics from Seoul National University and a master’s degree in international developmental policy from Duke University, according to the announcement.