KIC names new COO

Korea’s sovereign wealth fund Korea Investment Corporation said Monday it has named Kim Sang-joon, head of London office, as new chief operating officer.

Kim joined KIC in 2009 after working at Samsung Life Insurance’s asset management division for more than 20 years.

Kim’s appointment came after KIC CEO Eun Sung-soo, who took office in January, vowed to enhance transparency of the $91.8 billion national wealth fund’s management under a KIC reform plan.

The plan includes separating the role of a compliance officer from chief risk officer to make internal controls more stringent.

KIC is currently hiring chief investment officer, chief risk management officer and a compliance officer. Key executive members of the KIC -- COO, CIO and CRO -- resigned in February, two days after the CEO’s announcement of reform plan.

By Kim Yoon-mi (yoonmi@heraldcorp.com)