[Asia Economy Reporter Lee Jung-yoon] Kang Shin-woo, former Chief Investment Officer (CIO) of Korea Investment Corporation (KIC), has been appointed as the Chairperson of the Investment Management Committee for the 10.7 trillion KRW-scale 'Dahamhge Korea Fund' (Securities Market Stabilization Fund, hereinafter referred to as the Stabilization Fund).
According to the financial investment industry on the 7th, the Stabilization Fund Investment Management Committee recently appointed former CIO Kang as the chairperson.
Chairperson Kang has experience managing the sovereign wealth fund as the head of investment at Korea Investment Corporation from 2016 until last year. In addition, he has served as CEO of Hanwha Asset Management and Vice President of Korea Investment Trust Management.
Besides Chairperson Kang, the Investment Management Committee includes one representative each from major contributing institutions such as KDB Industrial Bank, KB Financial Group, Woori Financial Group, Hana Financial Group, Shinhan Financial Group, NongHyup Financial Group, Mirae Asset Daewoo, Samsung Life Insurance, and Busan Bank. The committee establishes investment guidelines such as the execution of Stabilization Fund capital and timing of redemptions.
As private members, 11 individuals including Professor Jung Jae-man of Soongsil University were appointed.
Korea Investment Trust Management will act as the lead manager for the first tranche of approximately 3 trillion KRW of the Stabilization Fund, completing the setup on the 9th and commencing full-scale operations. About ten contributing companies will be able to operate independently in the form of sub-funds.
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