SEOUL, July 19 South Korea's $46 billion
sovereign wealth fund aims to expand alternative investments in
areas like commodities and private equity, its new chief
executive said on Tuesday, pledging to strengthen ties with
foreign private equity and pension funds.
Korea Investment Corporation (KIC) CEO Choi Chong-suk said in
his inauguration speech that the fund would continue to actively
invest overseas and could join deals with other global sovereign
"Rising commodity prices, the emerging strategic importance
of particular regions and capital resettlement due to volatile
financial markets provide favourable opportunities for sovereign
wealth funds," said Choi, who has a private sector background
with experience at Allianz Global Investors Korea, Hana Bank and
Korea Exchange Bank .
The son of ex-South Korean president Choi Kyu-hah is tasked
with managing funds entrusted by the country's central bank and
KIC, still heavily dependent on stocks and bonds, is trying
to diversify its investments from dollar-based assets and make
fresh bets such as the purchase of a $104 million stake in
Singapore-listed commodities firm Noble Group
KIC invests wholly outside the country, and was founded in
2005 from funds by the government and central bank.
(Reporting by Ju-min Park; Editing by Jonathan Hopfner)