Son Youngjin, Former Head of Risk Management at KB Asset Management, Appointed as Next CIO of Government Employees Pension Service

Term Begins on July 7

Son Youngjin, former Head of Risk Management at KB Asset Management, has been nominated as the new Chief Investment Officer (CIO) of the Government Employees Pension Service, which manages retirement funds for public officials totaling around 10 trillion won.

According to the investment banking industry on June 25, the Government Employees Pension Service selected Son as the next CIO on this day. After being chosen as the final candidate earlier this month, Son underwent a personnel review by the Ministry of Personnel Management and was ultimately appointed as the next CIO. His term will begin on July 7.

Son began his career in 1999 at Prudential Life Insurance’s asset management department, where he served as team leader and later as Head of Asset Management and CIO. After KB Financial Group acquired Prudential Life Insurance, he moved to KB Asset Management’s risk management division.

The current CIO, Baek Juhyun, will complete his term on July 3. Baek was appointed in July 2022 and served a two-year term. He was reappointed once last year in recognition of his investment performance but has decided not to seek a third term. The CIO of the Government Employees Pension Service serves a two-year term, with the contract extendable annually based on performance. The organization began the recruitment process for a new CIO at the end of April.