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Military Mutual Aid extends financial division CIO’s term by one year

By Mar 27, 2020 (Gmt+09:00)

The Military Mutual Aid Association (MMAA) has extended its financial division head’s term for another year to focus on the risk management associated with the COVID-19 outbreak, the retirement savings fund said on March 27.

The three-year term of Jae Dong Kim as chief investment officer of the MMAA’s financial operations is set to end later this month.

Kim, the MMAA’s first CIO from within, will also become its first investment chief to serve an additional term.

Over the past three years, he has upgraded the asset management system of the savings fund which had posted an average annual return of around 4% during the period. It manages 10.8 trillion won ($8.8 billion) as of the end of 2019.

Defense Ministry approved the one-year extension decided by the MMAA’s steering committee. The committee is composed of its CEO, three senior managers of the defense ministry and deputy chiefs of staff for personnel from the army, navy and air force.

Meanwhile, MMAA has recently committed 36 billion won to a collateralized loan obligation (CLO) fund set up by Voya Investment Management LLC, domestic news provider the Financial News said last month.

The CLO vehicle with a five-year term has raised about 570 billion won to invest in floating-rate syndicated loans of the US companies for a target net internal rate of return of 9%.

Specifically, MMAA will invest in subordinated notes that account for 50 billion won of the CLO fund, the daily reported.

Write to Hyun-il Lee at

Yeonhee Kim edited this article

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