Korea Post, one of South Korea’s biggest public funds, has appointed new chief investment officers (CIOs) for both its savings and insurance units.

Song Gwan-ho has taken on the role of CIO for the savings unit, while Park In-hwan has assumed the role in the insurance unit, effective from the end of last month.

Song has held senior roles in the agency’s postal service and investment management businesses. He also has extensive experience in risk management.

Park served for six months as acting CIO of the insurance unit after his predecessor was named head of one of the agency’s regional offices in June last year. His experience mainly involves managing investments in traditional stocks and bonds.

Korea Post had approximately 136.7 trillion won ($122.6 billion) in assets under management at the end of September 2020, with its savings accounting for 81.3 trillion won. The savings unit allocated about 5.4 trillion won, or 6.7%, of its assets to alternative investments, with the ratio growing from 4.6% in 2015 to 6.9% in 2019.

The insurance unit managed assets of about 55.4 trillion won. It has also increased its allocation to alternative investments, from 4.6% in 2015 to 5.7% in 2017 and 10.06%, or 5.58 trillion won, in September 2020. (Reporting by Hee-yeon Han)