MMAA hires ex-Lotte insurance CIO

South Korean institutional investor Military Mutual Aid Association has named Lee Sang-hee, former top investor at Lotte Non-Life Insurance, as its new chief investment officer, the firm said Monday.

Lee’s three-year term will start on Thursday, according to the institutional investor who manages 12.7 trillion won ($11.18 billion) in assets as of 2020. He will be responsible for overseeing 5 trillion-won worth of financial assets at MMAA -- including equities, fixed-income and alternatives.

Lee will succeed Kim Jae-dong who served as the chief investment officer since 2017. Kim has been serving an extended term since March 2020. 

Before joining MMAA, Lee was formerly CIO of Lotte Non-Life Insurance and chief representative officer in the United States of Samsung Life Insurance. Lee holds a bachelor’s degree of sociology from Yonsei University.

MMAA, founded in 1984, is dedicated to the financial welfare of Korea’s military service members and families.

By Son Ji-hyoung (consnow@heraldcorp.com)