Construction workers’ fund names ex-Hanwha General investment head as CIO

The Construction Workers Mutual Aid Association (CWMA) has appointed Wihwan Lee, a former investment head of Hanwha General Insurance CO. Ltd., as chief investment officer for a two-year term starting from next Monday.

The incoming CIO will succeed Jung-su Han who resigned for a personal reason at the end of 2019, according to investment banking sources on Feb. 18. His appointment was first reported by the Financial News.

Between 2001 and 2015 Lee had worked for Samsung Life Insurance Co. Ltd. and led its equities investment team.

In the following year, he headed the overseas fixed-income investment team at Samsung Asset Management Co. Ltd.

He graduated from Korea University and recieved an MBA from Purdue University.

No further details were immediately available.

The retirement fund manages 3.8 trillion won ($3.2 billion) as of the end of September 2019, and fixed incomes accounts for 60%, little changed from 2018. The proportion of alternatives rose to 23% from 19 % at the end of 2018.

By Hyun-il Lee

hiuneal@hankyung.com

(Updated on Feb. 19, 2020 to add the CIO-designate's photo and his MBA degree.)