The National Pension Service (NPS) has extended the term of chief investment officer Ahn Hyo-joon for another year, continuing his tenure as fund management division head until October 2021.

Ahn’s current two-year term ended on Wednesday (October 7). Under the National Pension Act and internal guidelines, a CIO can serve a two-year term and consecutively serve another year based on his or her performance, but no one has succeeded in getting reappointed since Lee Chan-woo, who served as CIO from 2010 to 2013.

Under Ahn’s leadership, the world’s third-largest pension fund recorded a return of 11.31% last year, the highest since its fund management headquarters was established in 1999. This was achieved through diversification of investment and strengthened risk management systems, the pension plan said.

Returns reached 3.56 % at the end of July this year, despite the Covid-19 shock. (Reporting by Kyoungho Lee)