Bloomberg News

Bank of Korea Hires Samsung Asset Manager for Reserves

February 01, 2012

Feb. 2 (Bloomberg) -- The Bank of Korea hired a Samsung asset manager to help run its $311 billion foreign-exchange reserves.

Eugene Kim, who will resign from the position of chief investment officer at Samsung Asset Management Co. at the end of this month, will replace Chae Sun Byoung as the director of the Reserve Investment Division under the bank’s Reserve Management Group, the central bank said in a statement today.

“Kim, with ample expertise and experience in asset management, is expected to make a significant contribution to our capacity to manage foreign-exchange reserves,” the bank said in a statement.

South Korea’s foreign-exchange reserves climbed by $4.94 billion to $311.3 billion at the end of January from a month earlier, the Bank of Korea said today in a separate report, citing asset management gains and the euro and pound’s rise against the dollar.

--Editors: Iain Wilson,

To contact the reporter on this story: Eunkyung Seo in Seoul at eseo3@bloomberg.net

To contact the editor responsible for this story: Paul Panckhurst at ppanckhurst@bloomberg.net


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