Korea Investment Corp. appoints Park Il Young as its new CEO

South Korean sovereign wealth fund Korea Investment Corporation (KIC) announced on Thursday that it has appointed former World Bank Group executive director Park Il Young as its new CEO.

Park joined the World Bank in November 2022. He held several senior positions in international economic affairs, development finance and policy planning at the Ministry of Economy and Finance between 2017 and 2022.

He was also a senior advisor to the executive director of the International Monetary Fund (IMF)'s office for Asia and the Pacific between 2015 and 2017.

Park started his career at the finance ministry in 1994 after graduating from Seoul National University with a bachelor's degree in international economics. He earned a master’s in international development policy from Duke University. 

KIC was established in 2005 to efficiently manage foreign reserves. As of the end of 2023, some 22% of its $189.4 billion in assets under management is allocated to alternative investments.

Write to Byeong-Hwa Ryu at hwahwa@hankyung.com