South Korea’s Police Mutual Aid Association (PMAA) is looking for a new chief investment officer to replace Lee Do-yoon, and stipulated that candidates must have more than 15 years of experience as a fund manager. 

Those with experience as a senior executive at public institutions or firms managing the PAMM’s assets are eligible to apply  for the position, which was advertised on Wednesday (July 29). Applications are due by August 10.

The Korea Police Mutual Aid Association Act states that the position will be for a period of two years, but the term can be extended for another two years. Lee, who was appointed in 2016, became the first chief investment officer to serve two consecutive terms at the PAMM when he was reappointed in 2018. His term will expire in October.

A nomination committee will shortlist candidates and hold interviews for the role, then make a final decision which will be subject to approval by the chief of the national police agency.

PAMM had approximately 3 trillion won ($2.5 billion) in assets under management at the end of 2019, including a 50% exposure to alternative assets, with half of that invested in real estate. (Reporting by Hee-yeon Han)