Jong-ho James Kim, private equity head of Korea Investment Corporation (KIC), has been appointed as its new alternative investment group head in a reshuffle of senior positions implemented on July 1. Kim will also continue to take charge of the private equity team.

KIC also promoted team head of asset allocation Hoon Lee to the position of investment strategy group head and he will also continue to serve in his current role.

Kim’s predecessor Sooyong Jung will become compliance officer effective as of July 1.

“Marking the 15th anniversary of the company’s foundation, the company reorganized its organization and implemented personnel changes to lay the foundation for continued growth,” South Korea’s wealth fund said on June 30.

KIC invests assets entrusted by the South Korean Government, Bank of Korea and public funds in overseas markets, which have a net asset value of $157.3 billion as of the end of last year. Alternatives account for 15.6%. (Reporting by Kyoungho Lee)