[Edaily Marketin JI YEONG-EUI Reporter] The list of candidates for the next Chief Investment Officer (CIO) of the National Pension Service has been narrowed down to four former CIOs from pension funds and mutual aid associations.

According to government officials and investment banking (IB) industry sources on the 5th, the National Pension Service has selected four candidates for its shortlist of final candidates for the next CIO: Park Cheon-seok, former Head of the Fund Management Division at the Saemaul Credit Union Central Association; Lee Do-yoon, former Head of the Asset Management Division at the Yellow Umbrella Mutual Aid Association; Lee Kyu-hong, former Head of the Fund Management Unit at the Private School Teachers’ Pension Service; and Kim Ho-jin, former Head of the Fund Management Division at the National Federation of Fisheries Cooperatives. The National Pension Service received the necessary documents for background checks from these candidates by the 27th of last month and has begun the formal vetting process.

Park Cheon-seok, a finalist and former division head, worked at Samsung Life Insurance and Samsung Asset Management before serving as Head of the Fixed Income Division at ING Asset Management, Head of the Investment Strategy Team at the Government Employees’ Pension Service, and Head of the Asset Management Division at Heungkuk Life Insurance. He subsequently served as CIO of the National Federation of Saemaul Credit Unions, overseeing all aspects of asset management, including fixed income, equities, and alternative investments.

Lee Do-yoon, a former division head, built his investment management career at Korea Investment Trust Management and Samsung Asset Management before serving as CIO of the Police Mutual Aid Association. Recognized for his achievements in diversifying asset management and improving the organization’s structure during his tenure, he became the first CIO in the association’s history to be reappointed for a second term; he subsequently served as Head of the Asset Management Division at Yellow Umbrella Mutual Aid.

Former Director Lee Kyu-hong served as CIO at PCA Investment Trust Management and NH Amundi Asset Management before becoming CEO of Ascendas Asset Management. He subsequently oversaw fund management as Director of the Fund Management Division at the Private School Teachers’ Pension Fund.

Former Head Kim Ho-jin built his career in equity management at Midas Asset and Mirae Asset Management after working in the Trust Department and Securities Management Division at Hana Securities. After serving as Executive Vice President and then Senior Vice President of the Fund Management Division at Mirae Asset Management, he served as Head of the Fund Management Division at the National Federation of Fisheries Cooperatives.

In this selection process, the ability to make independent decisions free from conflicts of interest with specific financial institutions or outsourced asset managers is expected to be a key evaluation factor. Given that the National Pension Service manages a large-scale portfolio encompassing domestic and international stocks, bonds, and alternative investments, candidates are expected to possess a well-rounded set of skills, including the ability to allocate assets in line with market conditions, risk management, and organizational leadership. The National Pension Service also emphasizes the independence of fund management and the prevention of conflicts of interest through the principles of fiduciary responsibility.

A high-ranking political official stated, “Above all, the position of NPS CIO requires market acumen and an understanding of various asset classes,” adding, “Candidates’ investment experience, as well as their ability to steadily lead a large-scale fund and organization, must be evaluated as key criteria.”

He continued, “Market interest in the qualifications of the candidates and the appointment process surrounding this CIO selection is higher than ever,” emphasizing, “It appears crucial to appoint a capable individual who is free from conflicts of interest with specific financial institutions or the asset management industry and capable of making independent judgments.”