SOUTH KOREA - Former president and chief executive of the South Korean National Pension Service (NPS) Ho Shik Kim has joined the board of Darby Overseas Investments, the private equity arm of Franklin Templeton Investments.
Kim will sit in the board of directors of Darby Hana Infrastructure Fund Management Company - the management company for the Korea Emerging Infrastructure Fund (KEIF).
He will join five existing board members to oversee corporate and investment practices of the KEIF.
KEIF is jointly managed by Darby and Hana Financial Group. It closed to new investors in 2006 with a total of KRW580bn in committed capital.
It makes private equity investments in, and extends mezzanine loans to, private companies engaged in a broad range of activities in the Korean infrastructure sector, including renewables, transportation, environment, logistics, energy and utilities.
Darby Hana Board chairman David Hudson said: "Mr Kim's highly respected and broad experience in Korea will be very valuable to Darby Hana as we accelerate the pace of investment by KEIF and explore further initiatives in Korea."
Kim joined Darby after running the South Korean NPS for the last three years. The NPS was established in 1988 as a reserve fund to cover for state pensions and it is said to be the country's largest institutional investor.
According to its website, by the end of 2007 it had KRW219trn (US$174bn) under management.
Previously Kim served as minister of maritime affairs and fisheries and minister of the office for government policy coordination in the office of prime minister.
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Four people behind a £13.7m cold-calling scam which cost 245 people their savings have been banned from being pension scheme trustees by The Pensions Regulator (TPR).
The Pensions Administration Standards Association (PASA) has launched its latest round of guidance for guaranteed minimum pensions (GMPs).