GEPS picks insurance asset management veteran as CIO

The Government Employees Pension Service (GEPS) has picked Won-joo Seo, a former chief investment officer of PCA Life Insurance Co. Ltd. (currently, Mirae Asset Life Insurance Co. Ltd.) as CIO for a two-year term.

GEPS' announcement on the new CIO last week came after ex-CIO Chang-hoon Lee ended his two-year tenure in April.

He graduated from Yonsei University’s business school in Seoul.

Last year GEPS returned a negative 1.7% on $7.4 billion of financial assets, hit by sharp falls in equities markets.

National Pension Service and Teachers’ Pension also posted their first negative annual returns in a decade.

Earlier this month, the Korea Scientists & Engineers Mutual-aid Association named new CIO, with Korea Investment Corporation on the hunt for new CIO to replace retiring Shinwoo Kang.

hiuneal@hankyung.com