Sohn Young-jin, former head of risk management at KB Asset Management, has been appointed as the new Chief Investment Officer (CIO) of the Government Employees Pension Service, which manages 12 trillion won of public servants' retirement funds.
According to investment banking (IB) industry sources on the 25th, the Government Employees Pension Service has designated Sohn as the next CIO. Sohn was selected as a final candidate earlier this month and was confirmed after personnel verification by the Ministry of Personnel Management. His term begins on the 7th of next month.
Sohn joined Prudential Life Asset Management in 1999, where he served as head of the asset management team and later as head of the asset management division and CIO. After KB Financial Group acquired Prudential Life, he moved to the risk management division of KB Asset Management.
The outgoing Director General, Baek Joo-hyun, is set to complete her term on the 3rd of next month. Baek took office in July 2022 and served a two-year term, during which she was acknowledged for her fund management performance and reappointed for another term last year. However, she has decided not to seek a third term. The term for the CIO of the Government Employees Pension Service is two years, with the possibility of extending the contract by one year based on performance.