Chang Suh was named CEO of the $5.8 billion AFL-CIO Housing Investment Trust, Washington.
Mr. Suh, who will replace Stephen Coyle as CEO, joined the trust in 1998 as a member of the portfolio management team and has served as chief portfolio manager for the past 15 years.
AFL-CIO representatives could not immediately be reached for comment on Mr. Coyle's future plans or Mr. Suh's start date.
During Mr. Suh's tenure, HIT outperformed its benchmark, the Bloomberg Barclays U.S. Aggregate Bond index, 14 calendar years on a gross basis and eight years on a net basis, according to an AFL-CIO news release Monday.
HIT's net performance for the one-, three-, five- and 10-year periods ended Aug. 31 was 1.48%, 1.32%, 2.41%, and 3.62%, respectively, the labor union stated in its release.
"I am deeply committed to the HIT's mission of providing competitive returns to our investors while enhancing the quality of life for working families," Mr. Suh said in a statement. "The need for labor's capital to be invested in alignment with its values has never been greater. I look forward to increasing our impact and expanding our reach."