Korea’s GEPS appoints new CIO

The pension fund has selected a new CIO who will have responsibility for the investor’s commitments to stocks, bonds, and alternative asset classes.

South Korea’s Government Employees Pension Service (GEPS) has named Chang-hoon Lee, a former head of Prudential Asset Management in Seoul, to serve as its chief investment officer.

In his new role, Lee will oversee the fund management of public pension funds such as stocks, bonds, and alternative investments. He will be in the role for a minimum of two years and the contract can be extended on a yearly basis depending on performance.

Prior to joining GEPS, Lee had served as the former chief executive officer and chief investment officer at Prudential Asset Management Company in Korea between 2005 and 2010. Before that, he held senior investment roles at Samsung Investment Trust Management, Macquarie-IMM Investment Management and Dongwon Investment Trust Management (currently, Korea Investment Management Company), according to a GEPS statement.

After leaving Prudential in 2010, Lee ran his own investment advisory firm between 2012 and 2016.

Lee’s predecessor, Young Gwon Choi, has reportedly joined Korea’s HI Asset Management Company as chief executive officer this month after the end of a three-year contract as CIO at GEPS.
Choi last year said the investor would make its first real estate blind pool commitment.

“We are focusing on overseas markets, [our] global real estate exposure will be increasing exponentially compared to domestic [property],” he said at the PERE Global Investor Forum in Seoul last November.

GEPS, which currently has assets under management of around $6 billion, is planning to lift the proportion of alternative investments by 2 to 3 percentage points in 2017 from this year’s 16 percent.