NYLIM taps Sungyun Hong as head of Seoul office

New York Life Investments (NYLIM) has appointed Sungyun Hong as head of its Seoul office, the US asset management firm said on Wednesday. 

Hong will be responsible for client relationship management and business development in South Korea. He will report to Jae Sung Yoon (Jae Yoon), chief investment officer of NYLIM and chairman of NYLIM Asia.

“Since joining us in 2016 as a director, Hong’s deep knowledge of the Korean market has been invaluable in helping advance our partnership efforts in the country. We look forward to his contributions as head of the Seoul office,” said Yoon.

Hong started his finance career in 2011 as a research analyst at Hana Financial Investment Co. He has also been responsible for global alternative investments at Teachers' Pension and Hanwha Asset Management Co., both in Korea. Before joining NYLIM, he served as a vice president at Vogo Fund Asset Management Co. in 2016.

As a subsidiary of New York Life Insurance Co., NYLIM manages more than $661 billion in assets as of Dec. 31, 2022. It allocates 70% of its assets for fixed income, 12% for equity, 10% for alternative investment, 6% for multi-asset and the remaining for cash and cash equivalents as of the end of last September.

NYLIM recently moved its Seoul office to the International Finance Center in Yeouido, the major financial district in the capital.

Write to Jihyun Kim at snowy@hankyung.com

Jennifer Nicholson-Breen edited this article.