Korea Post names new CIOs of savings, insurance arms

Korea Post has appointed new chief investments officers of both its savings and insurance units, in an internal reshuffle of senior managers at the end of last month.

The state-run institution named Song Kwan-ho as the savings unit's CIO to oversee 81 trillion won ($73 billion) in assets; and Park In-hwan as the insurance unit's CIO to manage 55 trillion won ($49 billion) in assets, according to Korea Post on Feb. 9.

Both Song and Park have been working for the postal agency since they began their career in public service after passing higher civil service examinations.

The insurance arm’s CIO position had been vacant for six months since the former CIO Kim Hong-jae moved to Korea Post's another senior job in June of last year.

Since late December, Park had served as acting CIO. He had built experience in traditional asset management and financial management at Korea Post. Previously, Park had headed the savings unit’s asset management team and the financial management division, before relocating to the insurance unit.

For the savings arm, new CIO Song replaced Shin Dae-sup who relocated to a regional office as chief. Armed with experience in risk management of investment, Song had led the postal service and international business divisions.

Korea Post has been raising exposure to alternative investments to 6.7% of its savings assets at 5.4 trillion won and to 10.1% of the insurance assets at 5.6 trillion won.

Last December, Korea Post picked Argo Infrastructure Partners and Stonepeak Infrastructure Partners to invest $200 million in overseas infrastructure assets.

Write to Jung-hwan Hwang at jung@hankyung.com
Yeonhee Kim edited this article.