Military Mutual Aid Association taps Park Hwa-jae as new CIO
South Korea’s Military Mutual Aid Association (MMAA), which managed 10.4 trillion won ($7.5 billion) in assets as of the end of 2023, has tapped Woori Financial Group Inc. business support division’s former President Park Hwa-jae as a new chief investment officer (CIO) for the fund’s financial investment division.
The retirement fund for military personnel on June 27 determined the nomination of new CIO, who will oversee the fund’s equity and debt investments in private and public markets, banking sources said on Friday.
Park, who competed with MMAA’s current CIO Lee Sang-hee and KB Insurance Co.’s former CIO Han Seung-chul for the investment chief position, will serve for three years from July with an option for a one-year extension.
His 44-year-long career has been focused on sales at Woori Financial Group, Korea’s fourth-largest financial services holding company. Park’s roles include housing finance, credit of Woori Bank and the holding company and the latest position of CEO at Win P&S Co., a real estate management arm wholly owned by the bank.
MMAA has two separate CIOs for financial investment and construction divisions. The chief of the financial investment represents the retirement fund’s overall asset management strategy.
The construction division CIO is Kim Yong-seok who became chief in August 2023. He oversees real estate and infrastructure investment.
The military fund allocates 8 trillion won to alternative investment among its 10.4 trillion won in assets under management (AUM) as of end-2023. Some 46% of the alternative assets are in overseas markets.
The fund posted an 8.2% investment return last year, comprised of a 9.2% return on alternative assets, 9.7% on listed stocks and 2.1% on public bonds.
By Byeong-Hwa Ryu
hwahwa@hankyung.com
Jihyun Kim edited this article.
