RAMP Voices: Sohyoung Park, National Pension Service of Korea

What do you appreciate most about RAMP?

I appreciate RAMP’s mission teams sharing knowledge through their workshops and annual collaborative work and, also, the World Bank member’s administrative coordination.

What is one lesson you have learned from another RAMP member?

We have learned a great deal from the RAMP members. For example, some specialists, who were former public pensions staff at other large, notable institutions, shared with us their experiences on investment framework, policies, and markets.

What's your favorite RAMP resource?

My favorite resource is the collaborative research, plus the additional background and supporting materials.

What’s your favorite workshop?

The Strategic Asset Allocation II Advanced workshop.

Name the top three things with which RAMP has helped you, your team, or your institution.

Last year, NPS and the RAMP specialists held a virtual workshop to enhance NPS’ framework of tactical asset allocation, risk budgeting, and MBS TBA risk management. Although it was not a standard face-to-face meeting, the workshop was nonetheless successful and derived several solutions, despite the significant time differences between Korea and Washington, DC.

Name the top three things with which RAMP has helped you, your team, or your institution.

Over the last five years, RAMP has helped us with several important projects, including risk budgeting (tracking error, information ratio) in both 2016 and 2020. In 2017, RAMP’s assistance was instrumental with a FX hedge, policy and implementation (2017). In 2019 and 2020, they also helped with tactical asset allocation overlay and advanced asset allocation, which included both strategic and dynamic asset allocation.

Has your institution participated in the RAMP Survey on Central Bank Reserve Management Practices?

No, it does not apply to us.

Have you used the Benchmarking Analysis Tool? If so, what did you use it for?

We have not used it yet.

What do you look forward to next in your work with RAMP?

This year a new NPS team, the Strategy Research Team in the Investment Strategy Division has onboarded staff to work with RAMP. All the staff have a research background and they will assist with collaborative and tailored research on investment framework, market, and strategies.

What’s the next product or service RAMP should offer?

I think RAMP should offer an asset management mandate based on Barclays Capital Aggregate Bond Index.