This article appeared on the capital markets compass "Signal" at 3:56 p.m. on June 29, 2026.
Lee Kyung-jik, former head of the overseas securities division at the National Pension Service, is the leading candidate to become the next chief investment officer (CIO) of Korea Investment Corporation (KIC), according to sources. Lee worked at the Bank of Korea and Deutsche Bank before handling overseas securities investments at KIC, then moved to the National Pension Service, where he served as head of the overseas securities division, a position considered a key post. KIC is a sovereign wealth fund that invests foreign exchange reserves and public funds overseas, with assets under management (AUM) exceeding 350 trillion won.
KIC is reviewing Lee's appointment as its next CIO, according to investment banking (IB) industry sources Monday. KIC launched an open recruitment process for the CIO position last month to select a successor to CIO Lee Hoon, whose term ends in August. After closing candidate applications early this month, the corporation narrowed the field to about three candidates through document screening and interviews. The final pool included former CIOs of the Government Employees Pension Service and the Teachers' Pension, in addition to Lee. KIC plans to complete the CIO appointment process around next month following additional personnel vetting.
Lee is an international finance expert who handled overseas securities management for an extended period. He joined the National Pension Service after working in the currency management division of the Bank of Korea, the securities team at Samsung Fire & Marine Insurance, the research division at Deutsche Bank in Hong Kong, and the indirect investment team at KIC. At the National Pension Service, he worked as head of the overseas equities team before being promoted to head of the overseas securities division, where he was responsible for managing about 500 trillion won in overseas securities. Born in 1968, he graduated from the Department of Economics at Seoul National University and earned an MBA from the Wharton School at the University of Pennsylvania.
Established in 2005, KIC is Korea's only sovereign wealth fund, generating investment returns by investing foreign exchange reserves and other funds overseas. Its AUM stood at $232 billion (about 358 trillion won) as of the end of last year, placing it among the global top 10. Its investment return reached 13.91% last year, and its annualized return over the past 10 years was 7.07%, marking stable performance in long-term investing. Cumulative investment returns over about 20 years amount to $122.4 billion (189 trillion won).
Major domestic pension funds are accelerating efforts to fill vacant CIO positions. The National Pension Service closed document applications for the CIO of its Fund Management Division on June 25, and the Teachers' Pension has reportedly narrowed its CIO candidate pool to about five. The Yellow Umbrella Mutual Aid Fund, under the Korea Federation of SMEs, has named Roh Chul-kyu, former managing director at Hanwha Asset Management, as its new CIO, while the Korea Police Mutual Aid Association has decided to appoint Kang Seung-oh, former head of the Gangbuk business division at Shinhan Securities, as its new CIO.
