'17jo' Appointed as Next CIO of Military Mutual Aid Association, Former WinP&S CEO Park Hwajae

Approval Process Pending from Minister of National Defense
Former Representative Park Selected as Final Candidate Among 3
Known as a 'Business Expert'... Oversees Assets Worth '17 Trillion'

Park Hwajae, former CEO of WinPNS, has been appointed as the next Chief Investment Officer (CIO) of the Military Mutual Aid Association.

According to the financial investment industry on the 27th, the Military Mutual Aid Association held an operations committee meeting that day and appointed former CEO Park as the new CIO. Since the appointment of the Military Mutual Aid Association CIO requires approval from the Minister of National Defense, the association plans to complete the procedure soon and make an official announcement. Once the appointment is finalized, the term will begin next month.

The next CIO position at the Military Mutual Aid Association was contested by three candidates: current CIO Lee Sanghee, former CEO Park, and Han Seungcheol, former Executive Director of the Liability-Driven Investment (LDI) division at KB Asset Management. Although there was speculation about the possibility of reappointing the current CIO, who has been leading the association smoothly since his appointment in 2021, former CEO Park was ultimately selected as the next CIO. The CIO’s term is three years, with the possibility of a one-year extension.

Born in 1961, appointee Park is recognized as an expert in the sales field. He graduated from Gwangju Commercial High School (now Gwangju Dongseong High School) and joined Commercial Bank (now Woori Bank) in 1980. He served as Senior Deputy Head and Head of the Housing Finance Business Division, Head of Seocho Sales Headquarters, Executive Director of the Business Support Group, Executive Director of the Credit Support Group, Executive Vice President of the Credit Support Group, and President of Business Support at Woori Financial Group. Last year, he served as CEO of WinPNS. WinPNS is a company engaged in real estate asset management, furniture and printing, and information and communication industries. Established in 1930, it is 100% owned by the Woori Bank Alumni Association.

As Park will oversee investments, the Military Mutual Aid Association’s assets under management (AUM) as of the end of last year totaled KRW 17.6027 trillion. It has maintained an annual increase of KRW 1.3 trillion over the past five years. Compared to its founding 40 years ago, assets have grown 7,653 times. Last year’s investment return rate was 10.9%, ranking among the top returns among major mutual aid associations.