Sovereign Wealth Funds

Korea Investment Corp. selects IMF executive as next CEO

Heenam Choi has been recommended by Kim Dong Yeon, Korea's deputy prime minister and minister of strategy and finance, to assume the role of CEO of the Korea Investment Corp., a spokesman for the strategy and finance ministry confirmed Thursday.

Mr. Choi will officially become CEO after South Korean President Moon Jae-in approves the recommendation, which should take place soon, said the spokesman in an email.

Mr. Choi will take over that role from Sung-soo Eun, who left in September to become CEO of the Export-Import Bank of Korea.

Mr. Choi comes to KIC from the International Monetary Fund, where he served as an executive director.

The sovereign wealth fund's investment portfolio was valued at $110.8 billion at the end of 2016.