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[Exclusive] Chief Investment Officers

Ex-police fund CIO picked to lead Yellow Umbrella Mutual

May 04, 2021 (Gmt+09:00)

 Lee Do-yoon served as CIO of the Police Mutual Aid Association between 2016 and 2020
 Lee Do-yoon served as CIO of the Police Mutual Aid Association between 2016 and 2020

Lee Do-yoon, a former chief investment officer of South Korea's Police Mutual Aid Association (PMAA), has been named as CIO of the Yellow Umbrella Mutual Aid Fund, a $13 billion savings arm of Korean small business owners.

Lee, a fixed-income expert, served four years as CIO of the police fund until the end of October 2020. During his tenure, he increased the $3 billion fund's risk spectrum toward distressed and mezzanine assets.

He was among the three shortlisted candidates for the new post, including an unidentified domestic savings fund CIO, to replace Jeong Du-yeong who is retiring at the end of this month after a two-year term. Previously, Jeong had worked as CIO of the Korea Scientists and Engineers Mutual-Aid Association for four years until 2019.

Yellow Umbrella Mutual Aid Fund is under the Korea Federation of Small and Medium Business. It manages 14.5 trillion won ($13 billion) as of the end of March, of which fixed income accounts for 63.5%.

Prior to working at the PMAA, Lee managed fixed-income portfolios at Korea Investment Management Co. and Samsung Asset Management Co. He was the PMAA's first CIO chosen from outside and entered a second two-year term in 2018 for the first repeat term in the fund's history.

Another Korea savings fund, the Military Mutual Aid Association (MMAA), has been in the process of hiring the successor of ex-financial division chief Kim Jae-dong who retired in April after serving an extended four-year term.

The terms of the Government Employees Pension Service CIO Seo Won-joo and the National Pension Service CIO Ahn Hyo-joon are expiring in June and October, respectively.

By Jun-ho Cha and Jung-hwan Hwang

chacha@hankyung.com 

Yeonhee Kim edited this article.

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