Key Takeaways
- • The National Pension Service dismissed Ahn Jun-sang, head of its real estate investment office, which oversees roughly 70.223 trillion won in real estate assets, according to officials familiar with the fund.
- • The dismissal is the first time since 2018 that the NPS has dismissed a head of a fund management headquarters office, per the report.
- • The reason for the dismissal was not disclosed; the NPS cited non-disclosure of personnel and disciplinary matters.
- • Real estate represents about 4% of the NPS portfolio and is one of three core alternative asset classes alongside infrastructure and private equity.
- • The fund management headquarters must now find a successor, with the head of the infrastructure investment office acting in the role for the past four months.
Summary
The National Pension Service (NPS) has dismissed Ahn Jun-sang, head of its real estate investment office, according to officials familiar with the fund speaking on November 3, 2026, as reported by Maeil Business Newspaper and its capital markets outlet Radar M. The Pension Service notified the fund management headquarters of the decision. Reporting indicates this is the first time since the 2018 case involving the head of the stock management office that the corporation has dismissed a head of a fund management headquarters office.
The real estate investment office manages approximately 70.223 trillion won as of the end of August, according to the Fund Management Headquarters. That represents about 4% of the national pension portfolio. Real estate, together with infrastructure and private equity, forms one of the three major alternative investment asset classes at the NPS.
The reason for the dismissal has not been made public. The NPS declined to comment on matters being discussed in the financial investment industry and characterized the case as non-disclosure of personnel matters, including disciplinary action. Under NPS rules, dismissal may follow violations of duties, damage to an employee's reputation, or gross negligence causing harm to the corporation. Dismissal is the fifth most severe of the six disciplinary levels, which range from reprimand through salary reduction, suspension, demotion, and dismissal.
Ahn had been on standby since July 15 due to an internal audit, according to the report. During that period, the head of the infrastructure investment office has served as acting head of the real estate investment office for four months. With the dismissal, the fund management headquarters, which oversees 14 offices including stock, bond, and real estate investment, must now identify a successor.
The real estate investment office manages approximately 70.223 trillion won as of the end of August, according to the Fund Management Headquarters. That represents about 4% of the national pension portfolio. Real estate, together with infrastructure and private equity, forms one of the three major alternative investment asset classes at the NPS.
The reason for the dismissal has not been made public. The NPS declined to comment on matters being discussed in the financial investment industry and characterized the case as non-disclosure of personnel matters, including disciplinary action. Under NPS rules, dismissal may follow violations of duties, damage to an employee's reputation, or gross negligence causing harm to the corporation. Dismissal is the fifth most severe of the six disciplinary levels, which range from reprimand through salary reduction, suspension, demotion, and dismissal.
Ahn had been on standby since July 15 due to an internal audit, according to the report. During that period, the head of the infrastructure investment office has served as acting head of the real estate investment office for four months. With the dismissal, the fund management headquarters, which oversees 14 offices including stock, bond, and real estate investment, must now identify a successor.
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