Korea’s Teachers’ Pension (TP) in 2017 appointed Park Dae-yang, or David Park, as chief investment officer (CIO) to oversee the management of then W13 trillion ($11 billion) of assets under management.
He officially began his two-year tenure on January 2, 2017, replacing former CIO Park Min-ho. Park Dae-yang was a former CIO at Allianz Life Insurance until mid-2016.
The move was reported by AsianInvestor in February.
He was one of six candidates out of 28 applicants shortlisted by KTPF’s four-person interview board in early December. They had previously conducted a public recruitment process for the role rather than accept recommendations from the executive recommendation committee.
A key consideration when it came to filling the CIO position was the ability to generate positive returns over the long-term.
During AsianInvestor’s 13th Institutional Investment Forum Korea, held in Seoul on April 10, 2019, Park Dae-yang said that the then W17.4 trillion ($15.3 billion) TP planned to increase the fund’s overall overseas exposure by one third to 40% by 2023.
When AsianInvestor visited him at the TP office also in April, Park Dae-yang said that the overseas investments increase would also include a higher share of alternatives in total AUM.
Park Dae-yang later went on to become CIO of Korea Investment Corporation (KIC), the country’s sovereign wealth fund, in June 2019.
After serving a three-year term, Park Dae-yang stepped down in August 2022. He was replaced by Lee Hoon, former head of investment strategy and innovation division at KIC.
Sources within the Korean investment industry told AsianInvestor that senior investment professionals from public pension funds or KIC are barred from taking up commercial/private sector investment professional roles right after ending their terms, which in effect is a “garden leave” period.
As it is possible to take on other public sector investment professional roles, however, Dae-yang was in December 2022 reportedly a shortlisted candidate for the role of CIO at Korea’s National Pension Service, the world’s third-largest pension fund.
In late December, it was announced that this role went to Seo Won-joo. He previously served as the CIO of Government Employees Pension Service (GEPS) of Korea for three years from May 2019.
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