S. Korea's sovereign fund eyeing to manage US$200 bln by 2020

SEOUL, July 3 (Yonhap) -- The head of South Korea's sovereign wealth fund vowed Monday to increase the assets under its management to US$200 billion by 2020.

Eun Sung-soo, CEO of the Korea Investment Corp., set the target in a ceremony marking the 12th anniversary of the founding of the sovereign wealth fund.

KIC said the amount of assets under its management came to more than $120 billion in May.

The fund's accumulated investment gains reached $15.8 billion last year.

South Korea set up the KIC in July 2005 as part of its plans to increase sovereign wealth and bolster the local financial sector. It manages assets entrusted by the government and the central bank.

entropy@yna.co.kr
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