Government Employees Pension Service Managing 30 Trillion Won Reappoints Heo Jang as CIO

45 out of 55 Delegates Approve Reappointment
Term Extended Until 2028

Heo Jang, the current Executive Director of Business, has been reappointed as the Chief Investment Officer (CIO) of the Government Employees Pension Service, which manages assets approaching 30 trillion won.

According to the investment banking (IB) industry on April 22, the Government Employees Pension Service held a vote at the general assembly of delegates that afternoon and decided to extend Heo Jang's term as CIO. Forty-five delegates voted in favor of his reappointment. The minimum requirement for election is two-thirds (37 votes) of the total 55 delegates. If the Ministry of the Interior and Safety approves this result, Heo Jang will be officially reappointed as CIO. His term, which expired in February 2025, will be extended by three years until 2028.

At the general assembly that day, both Heo Jang, who was selected as the final CIO candidate, and Lee Doyoon, former CIO of the Yellow Umbrella Mutual Aid Fund, presented their investment strategies and management philosophies, followed by a vote from the incumbent delegates.

Given the high level of domestic and international uncertainty, it appears that stability was prioritized. Since taking office in February 2022, Heo Jang has maintained a return rate in the 4-5% range even during periods of high volatility such as the COVID-19 pandemic. In 2022, when the National Pension Service recorded losses exceeding 8%, he still achieved a return of 3.8%.

Heo Jang began his career in 1989 at Dongyang Securities (now Yuanta Securities), and has since served as an equity manager at Dongyang Investment Advisory, Head of the Securities Business Division at Samsung Life Insurance, and Head of the SA Investment Team at Samsung Asset Management. In 2006, he was Head of the Equity Investment Division at Prudential Asset Management (now Hanwha Asset Management), and in 2011, he served as CEO of Tempis Investment Advisory. From 2013 to 2020, he was Head of the Investment Business Division at Dongbu Insurance (now DB Insurance).