The $78 billion National Pension Corporation of South Korea has declined to renew the contracts of two executives running its outsourcing team, Chang Kil-hoon and Lee Ki-hwan, the organization announced yesterday.
People close to the organization say the NPC was not satisfied with the officers' performance a committee of senior executives made the decision. CIO KJ Cho, who joined the NPC in November, is expected to take this opportunity to revamp the outsourcing team with people of his own choice, whether they are hired from outside or moved from Cho's team.
The outsourcing team is responsible for allocating assets to external fund managers and custodians, both domestically and internationally, but the...
