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Sovereign wealth funds

KIC appoints career bureaucrat as new CEO

By May 17, 2021 (Gmt+09:00)

Jin Seoungho has been named KIC's new CEO with a three-year term
Jin Seoungho has been named KIC's new CEO with a three-year term

Jin Seoungho, an ex-senior finance ministry official in South Korea, will take office as Korea Investment Corporation's (KIC) new chief executive on Tuesday.

Finance Minister Hong Nam-ki tapped Jin among the three final candidates and with Hong's recommendation, President Moon Jae-in appointed him as the sovereign wealth fund's new CEO, according to government sources last week.

Jin is succeeding Choi Heenam, whose three-year term ends on May 17. 

The new CEO entered the bureaucratic arena after passing the state's highest civil service exam in 1989 following his studies. He spent most of his public career at the finance ministry that owns 100% of KIC. From 2019 until this appointment, Jin led the Presidential Committee on Balanced National Development.

At the finance ministry, he worked at the tax and customs office and headed the international financial cooperation bureau and the international economic affairs bureau.

Jin studied economics at Seoul National University and holds a doctorate in economics from Manchester University.

Since being founded in 2005, KIC manages $183.1 billion in assets as of the end of last year. It aims to more than double its assets to $400 billion under management over the next 15 years.

Write to Ji-hye Min at spop@hankyung.com

Yeonhee Kim edited this article.

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