South Korea’s National Pension Service, the world’s third-largest pension fund, has finalised the reappointment of Chief Investment Officer Seo Won-joo for another year, pending approval from the health and welfare minister, industry sources said. Seo, who took office in December 2022, oversaw a record 13.6% return on investment in 2023, the fund’s highest since its management division was established in 1999. His reappointment, initially delayed by political turmoil, will extend his tenure until December 26, 2025. The NPS, managing KRW1,185tr (USD830bn) as of November 2024, also posted a 12.57% year-to-date return. While rare, previous CIOs have served extended terms. Seo previously held investment roles at the Government Employees Pension Service, PCA Life Insurance, and Samsung Life Insurance.