Home ListingJanuary 9, 2014

Korea SWF CIO Quits Mid-Term

<em>The Korea Investment Corporation is looking for a new CIO, almost two years earlier than predicted.</em>

Reported by Featured Author

(January 9, 2013) — The CIO of the $61 billion Korean sovereign wealth fund (SWF) has quit just 15 months into a three-year term at the helm.

Lee Dong-ik, recognised by aiCIO in 2012 as being one of the most influential global investors, has quit the Korea Investment Corporation (KIC), AsianInvestor.com has reported.

Lee had temporarily assumed the CEO and presidency of the KIC following the departure of Choi Chung-suk in October. This role was subsequently filled by the fund’s previous auditor Ahn “Hank” Hong-Chul who returned to the SWF in December.

There has been no indication from the KIC as to the reasons behind Lee’s departure.

Lee was the first Korean CIO to take the helm of the fund in 2012. He initially joined in 2008 and helped build internal asset class-focussed teams as the head of private markets within the multi-billion dollar institution. Prior to joining KIC, Lee had spent five years as head of investments at STIC Investments, a private equity/venture capital company in Korea.

Under Lee’s stewardship the KIC increased its alternatives portfolio from 0% to more than 15%. This strategy was initially launched by the previous CIO Scott Kalb.