Yang Young-sig, the investment strategy head of South Korea’s largest pension fund National Pension Service of Korea, resigned from the firm this week.
A source at NPS confirmed Yang’s resignation, but did not provide details about his replacement.
Yang steps down at the end of the month and will reportedly join Korean brokerage firm NH Investment & Securities to head its private equity unit, according to sources cited by The Korean Economic Daily. NH Investment & Securities did not comment.
NPS appointed Yang as head of investment strategy in July to run the firm’s strategic asset allocation. He joined the pension fund in 2005 and has led its alternative investments divisions.
His resignation follows other personnel departures at NPS amid an office relocation from Seoul to the provincial city of Jeonju, as well as investigations related to a corruption scandal involving South Korean president Park Geun-hye, who was impeached on 9 December.
NPS, the world’s third-largest pension fund with over $430 billion under management, has also come under scrutiny over its approval as a major shareholder of the $8 billion merger between two affiliates of Samsung Group, South Korea’s largest family-run conglomerate.
This month Ok Jade Changsu, previously head of global infrastructure investment at the pension fund, joined a local asset management firm, Truston Asset Management Company, to lead its alternative investment division. In July, Lee Yoon-pyo, who led the firm’s portfolio strategy division and global alternative investment division, also joined Truston as a co-chief executive in charge of multi-asset strategy.