Search for NPS’ new CIO narrows to two

Two major candidates are in the running for CIO of South Korea’s National Pension Service (NPS), the world’s third-largest pension fund.

The pension fund’s longest-serving CIO, Ahn Hyo-joon, left his post in October. Park Seong-tae, a managing director with the fund’s investment strategy and responsible investment and governance, stepped into the role of acting CIO.

According to The Korea Economic Daily, applications for the CIO position closed on Nov. 11, with Park Dae-yang, former CIO of the Korea Investment Corp. (KIC), and Seo Won-joo, former CIO of Government Employees Pension Service (GEPS), emerging as the top candidates. Acting CIO Park Seong-tae did not apply for the permanent position.

The new CIO is expected to be chosen as early as January. The term is for two years, with the option for a one-year extension.

As of August, NPS managed 917.2 trillion won ($692 billion) in assets.