Korea Investment Corporation (KIC) announced a senior management shuffle this week, accompanied by the establishment of a future strategy group to boost its strategic planning processes.
Among the leadership changes, Joseph Cha was named head of KIC’s real estate group, and former Macquarie executive Seo Jin Choi has moved up to take over Cha’s former role as managing director and head of the sovereign fund’s infrastructure group, according to a press release.
Cha’s predecessor, Seungkul Lee, has also been promoted to lead the newly-established future strategy group.
Cha, the South Korea-based head of real estate, joined KIC in 2012. He became a senior associate at Goldman Sachs in 2005 and served at Carlyle Group as vice president from 2007 until joining KIC just under nine years ago.
Choi, who also joined KIC in 2012, served as vice president at Macquarie Capital in its Seoul and Sydney offices. She specialised in project finance, together with mergers and acquisitions in the infrastructure and utilities sector, reported the Korea Economic Daily.
For three years, beginning in 2016, she worked at KIC’s New York City office and passed the New York State bar examination in 2019.
A CFA charterholder, Choi graduated from the University of New South Wales with a bachelor’s degree in law and finance. She also holds a master’s degree in finance from INSEAD, one of the largest business schools in France.
The staffing changes come just three months after Seoungho Jin was promoted to CEO in May.
Since last year, the fund manager had undergone a series of managerial replacements. In March, KIC also appointed new heads to its private equity and absolute return teams.
KIC’s future strategy group combines its investment strategy group with the alternative strategy group. The group will have a company-wide role and hold responsibility for areas such as strategic planning, portfolio and domestic financial industry growth.
Cha and Choi will be reporting to the head of the alternative investment division, Jong-ho Kim, said Asian Investor.
Seung-kul Lee will report to Hoon Lee, the head of the investment strategy and innovation division, who reports to chief investment officer Dae-Yang Park, appointed as KIC’s chief investment officer two years ago.