KIC president resigns
Korea Investment Corp’s (KIC) president and CEO, Chong-Suk Choi, has resigned for personal reasons.
A research is underway for a replacement, with Dong-Ik Lee, the sovereign wealth fund's CIO, to serve as president in the interim.
Choi was appointed for a three-year term at KIC in July 2011. He pledged to boost the sovereign wealth fund's exposure to alternative investments such as private equity and commodities.
KIC, which was founded in 2005, is still predominantly exposed to debt and equity capital markets, and is keen to diversify its investments from US dollar-backed assets.
As the end of last year, the sovereign wealth fund had $56 billion in assets under management, of which alternative assets accounted for 6.1%, up from 5.5% in 2011.
Last year, the fund diversified its regional private equity exposure by increasing investment in emerging markets including Asia in additional to developed countries.
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