South Korea’s National Pension Service named Kyuhong Lee as chief investment officer to oversee its $1.4 trillion portfolio, handing him the reins of one of the world’s largest pools of retirement savings after a sharp surge in investment returns in the first half. NPS Chairman Kim Sung-joo appointed Lee to a two-year term beginning Tuesday, the fund said in a statement Monday. His tenure can be extended annually based on performance.

Lee takes over at a pivotal time for the pension giant, whose investment decisions are closely watched because of its enormous presence in South Korea’s financial markets and large allocation to overseas assets. The fund managed 1,866 trillion won ($1.4 trillion) as of the end of June after posting a preliminary 27.2% investment return in the first half, its best performance for the period since at least 2022, according to its website. NPS described Lee as an asset management expert with extensive experience spanning private-sector money managers and public pension funds.

He previously served as the CIO of the Korea Teachers’ Pension and has held positions at firms including NH-Amundi Asset Management, Capita Land’s South Korean operations, and Samsung Asset Management, the statement said.