Huh Yong-Hak stepped down on July 23 as head of the Hong Kong Monetary Authority's direct investments in private equity and real estate, said an HKMA spokeswoman.
In an e-mailed response to questions, the spokeswoman called Mr. Huh's departure "for personal reasons" — following a six-year stint during which he built the team managing the HKMA's long-term growth portfolio - a loss for the organization.
She said a search is underway to fill the post as soon as possible.
On an interim basis, Francis Chu, the HKMA's executive director (reserve management), will lead the long-term growth portfolio team as well.
Mr. Huh couldn't immediately be reached for comment.
By the close of 2013, the HKMA's private equity investments had grown to HK$64.2 billion (US$8.3 billion) from no investments at all six years before, while its investments in global real estate had risen to HK$24.4 billion from zero over the same period, according to an annual review by Norman T.L. Chan, the HKMA's chief executive, in January.
In an "insight" piece published on the HKMA's website on Aug. 11, Mr. Chan said over the coming five years, the long-term growth portfolio's combined investments in private equity and real estate should grow to HK$210 billion.
