DEFINITION of 'Korea Investment Corporation'
The Korea Investment Corporation (KIC) is a government-owned investment organization that manages the sovereign wealth fund for the Government of South Korea. The KIC was established by law in 2005. The KIC received initial deposits of $17 billion from the Bank of Korea and $3 billion from the Korean Ministry of Strategy and Finance. The KIC has approximately USD$29.6 billion in assets under management as of the end of 2009.
BREAKING DOWN 'Korea Investment Corporation'
The KIC is restricted to investing only in assets which fall under the guidelines provided by the Korea Investment Corporation Act. The KIC's objectives are to enhance Korea's sovereign wealth and to contribute to the development of the Korean financial industry. The KIC is governed by a steering committee consisting of nine members plus the chairman.