The Military Mutual Aid Association has named Kim You-geun, former deputy director of South Korea‘s National Security Council, as its new chief executive officer of the institutional investor, officials said Monday.

Kim, retired Korean Army Lt. Gen., became the 15th president of the institution dedicated to providing financial welfare to the Korean military community. He replaced the predecessor Kim Do-ho after receiving final approval from Defense Minister Suh Wook.

Kim called for transparency in the MMAA, profit maximization, scientific asset risk management and efficiency in his inaugural message Monday. He also highlighted a momentum that builds on the COVID-19 crisis, such as the government‘s Green New Deal initiative and opportunities in overseas investment.

MMAA was managing 11.6 trillion won ($10.5 billion) financial assets as of end-2019, according to the latest disclosure. The investor has pledged to increase its alternative exposure to over 75 percent by 2024, balancing out its stock investment. 

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