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Lee Seong-Yeong named as the new CIO of CWMA Construction Workers Mutual Aid Association (CWMA) of Korea has named Lee Seong-Yeong as its new chief investment officer and is in the final stage of the nomination process before an official announcement the next week, The Korea Economic Daily understood. His term in office will be two years.Lee has worked for National Credit Union Federation of Korea (NCUFK) for 31 years after graduation from Chungnam National University of Korea in 1990. He has been the CIO of the federation the most recently. NCUFK, offering a wide range of banking services to individuals and businesses, manages around 14.6 trillion won ($12.2 billion) in assets.In NCUFK, he led some huge deals during the global financial crisis. In 2009, the federation invested 40 billion won in a term asset-backed securities loan facility (TALF), a US Federal Reserve’s program to spur consumer credit lending, via Korean asset manager Heungkuk Asset Management Co. NCUFK earned a 34.9% return from the investment.Lee also led the federation’s investment in global insurer AIG headquarters in Manhattan, New York in 2009. The Korean consortium acquired the property for 240 billion won ($200 million), including 100 billion won from NCUFK. The consortium sold the building for $205 million in 2011. Additionally, he has been responsible for direct bond investments, future and equity investments while at the federation.The former CIO of CWMA, Lee Wea-Hwan, left the association last month as his term in office ended. He previously worked for Samsung Life Insurance Co., Samsung Asset Management Co. and Hanwha General Insurance Co. He moved to the head of the Customer Solution Division at IBK Securities Co. of Korea in January. Founded in 1997, CWMA manages 4.2 trillion won in assets. It allocates 26% of AUM in alternative investments, 60% in bonds and 8% in equities.By Jong-woo Kimjongwoo@hankyung.comJihyun Kim edited this article.
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