The new CIO of Korea Investment Corporation has leapt to the sovereign fund’s defence, decrying the negative stigma attached to its loss-making investment in Merrill Lynch as unrepresentative of its achievements.
Choo Heung Sik praised KIC’s performance since it started international investment in 2006 as phenomenal.”KIC began from scratch; no one helped us,”said Choo, referencing Singapore’s sovereign wealth fund GIC, which enjoyed a three-year incubation period with support from the Monetary Authority of Singapore………………………………….Full Article: Source