Eun Sung-soo, a former World Bank director and long-time Korean Finance Ministry official, has taken the helm of Korea’s sovereign wealth fund Korean Investment Corp, the Seoul-based fund said Tuesday. 

Eun, 54, began his three-year term on Tuesday, filling the void left by Ahn Hong-chul, a controversial leader who resigned in November after criticism for low investment returns, mismanagement and alleged irregularities. A prosecutorial investigation into the allegations is currently ongoing.

KIC is one of the world’s largest national wealth funds, with $85 billion under management. The fund’s most recent investments, known to the media earlier this week, were equity stake purchases in six U.S. five-star hotels, including Ritz Carlton Hotel in Manhattan and Four Seasons’ Hotel in San Francisco.

Before joining the KIC, Eun was executive director of World Bank. Prior to that, he held various positions at Korea’s Finance Ministry, having joined it in 1984.

He holds a doctorate in economics from the University of Hawaii and a bachelor’s degree from the Seoul National University.

By Lee Sun-young (milaya@heraldcorp.com)