Amid a general meeting to select the chief investment officer (CIO) of the Administrative Welfare Fund, which manages 27 trillion won, former CIO Heo Jang was once again selected by the delegates and reappointed.
According to the investment banking (IB) industry on the 22nd, during the afternoon's general meeting, 50 out of 55 members were present, and more than two-thirds (45 members) voted in favor of Heo's reappointment as CIO. Heo will be officially appointed upon receiving approval from the Ministry of Interior and Safety. The term is scheduled to last until 2028.
Earlier, the management committee, consisting of individuals such as Chairman Kim Jang-hwi of the Administrative Welfare Fund, selected former CIO Heo and former Yellow Umbrella Fund CIO YIDO as final candidates for the new CIO. It is reported that the candidates were recommended through the personnel recommendation committee and shortlisted after verification by the Ministry of Interior and Safety.
The Administrative Welfare Fund is one of the representative public funds with assets reaching 27 trillion won. Last year's revenue based on investment assets was 9.1%, which is 4 percentage points higher than the previous year.
Former Director Heo has been evaluated for having taken office as CIO of the Administrative Welfare Fund in February 2022, enhancing both growth and stability while leading the expansion of managed assets. Before joining the Administrative Welfare Fund, Heo held various positions including head of the securities division at Samsung Life Insurance, head of the SA operation team at Samsung Asset Management, head of equity management at Prudential Asset Management (now Hanwha Asset Management), CEO of Tempis Investment Advisory, and head of the investment business division at DB Insurance.