Samsung Life New York Branch Alumni Sweeping Pension Funds and Mutual Aid Associations

[Asia Economy Reporter So-yeon Park] As former executives from Samsung Life Insurance's New York branch are consecutively appointed to chief investment officer (CIO) positions at pension funds and mutual aid associations, Samsung Life's manpower is once again being discussed in the investment banking (IB) industry. In uncertain market conditions, the need for extensive fund management experience and overseas investment expertise has become more critical, leading to the analysis that Samsung Life, equipped with industry experience and professionalism, is effectively serving as a training ground.

According to the IB industry on the 18th, Lee Sang-hee, CIO of the Military Mutual Aid Association's Financial Investment Division, appointed last May, and Baek Joo-hyun, CIO of the Government Employees Pension Service's Fund Management Division, appointed this July, both worked together at Samsung Life's New York branch.

CIO Lee Sang-hee worked at Samsung Life from February 1989 to May 2014. He started as a staff member in the Corporate Sales Department at Samsung Life and held positions such as Deputy Manager of U.S. Corporate Bond Analysis at the New York Investment Corporation, Head of Strategic Investment Department, Head of Equity Investment Department, and Head of the New York Investment Corporation. While Lee Sang-hee was the head of the New York Investment Corporation, Baek Joo-hyun worked alongside him as a bond manager.

CIO Baek Joo-hyun, born in 1970, joined the Export-Import Bank and later earned an MBA from Duke University in the United States. He then joined Samsung Life and worked in the overseas bond division. The two CIOs maintain a close relationship based on their superior-subordinate relationship at Samsung Life. Seo Won-joo, the former head of the Government Employees Pension Service's Fund Management Division who served immediately before Baek Joo-hyun, is also from Samsung Life's New York branch.

As of the end of June, Samsung Life, with total assets reaching 315 trillion won, has annually produced many of its own talents as CIOs of financial investment companies. Traditionally, CIOs of institutions were often from Korea Investment Trust, which excelled in managing traditional assets such as stocks, but as asset sizes have grown, there is a trend toward hiring capital market experts with experience in various fields such as overseas investment and alternative investments.

Samsung Life is highly valued for its competitiveness because it was the first in the financial investment industry to begin overseas investment, starting with its New York branch in 1986. Currently, Samsung Life no longer has a New York branch. It only maintains a New York office, while its subsidiary, Samsung Asset Management, operates the New York branch.

Among CIOs of major domestic pension funds and mutual aid associations, Lee Kyu-hong, CIO of the Private School Pension Fund Asset Management Division whose term expires at the end of September, and Heo Jang, newly appointed CIO of the Administrative Mutual Aid Association in February, are from Samsung Life. Recently, Park Dae-yang, former CIO of the Korea Investment Corporation (KIC) Investment Management Division whose term expired, and Lee Wi-hwan, who served as CIO of the Construction Workers Mutual Aid Association Asset Management Headquarters until February, are also from Samsung Life.