Macquarie Investment Management has named Bastiaan Jeroen van Buuren as its new chief executive to oversee its Korean operation, a filing showed Thursday.

The change of leadership has been effective since Aug. 18. Van Buuren replaced Lee Kyung-soo, who served for 16 months at the top post.

Joining the Australian asset management house in 2018, van Buuren was head of Asia Distribution based in Hong Kong. He joined Macquarie IM Korea’s board in June 2020.

Macquarie IM acquired ING Investment Management’s Korean unit in 2013 to launch its Korean operation.

Macquarie IM Korea was overseeing some 1 trillion won ($843 million) assets in August, mostly equities and special assets.

Its asset under management shrank by nearly 12 trillion won from a year prior, largely due to a terminated asset management contract with Orange Life Insurance, formerly known as ING Life Insurance Korea.

By Son Ji-hyoung (consnow@heraldcorp.com)