Korea Investment Corporation Hires Tudor Investment Veteran

midwestThe Korea Investment Corporation (KIC), the US$ 24.8 billion Korea sovereign wealth fund, has hired Scott Kalb to be their Chief Investment Officer. Scott Kalb is a Tudor Investment Corporation veteran. Kalb has worked at other asset management firms as well, replacing former Chief Investment Officer Guan Ong. Guan Ong plans to start his own firm.

Kalb was a Managing Director at Citigroup’s Smith Barney International Asset Management.

The KIC is a new sovereign wealth fund, managing the nation’s foreign currency reserves on behalf of the Bank of Korea. The government of South Korea plans to augment the assets managed by the KIC to US$ 50 billion by 2010. The KIC invested US$ 2 billion in Merrill Lynch early last year before the brokerage firm was bought by Bank of America. Bank of America has suffered heavy financial losses in recent quarters.

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