Since its founding, the pension fund managers who had posted the best performance in history couldn't stop smiling at everyone they met these days.
A 30% rate of return... Even considering last year's −7% return, it was the best performance since the fund's inception. The pension fund's assets under management, eight hundred trillion won, had grown by two hundred trillion thanks to them.
Confidence in their performance soon led to expectations for incentives. Some predicted that incentives of at least several thousand percent would be paid out. And for good reason—if even 0.1% of this year's profit pool was spent on employee welfare, it would be enough to buy an apartment in Jeonju.
Of course, these cheapskates wouldn't give them that much.
—Just you wait, you miserly bastards! I'll make a solid killing this time and jump ship to Yeouido!
But it took less than a week for those expectations to turn into thin ice.
[To the beloved family of the Investment Division]
Because the Division Chief and four executives had posted resignation letters on the pension fund's intranet.
Although they didn't clearly state the reason, there was no one in the company who didn't know how much they had opposed the pension reform bill.
The unfortunate prediction had hit the mark.
The Chairman skipped even the farewell ceremony for the Division Chief and the executives. Their final farewell was the letter posted on the intranet, and because their resignations were so abrupt, no successors had been appointed either. Not content with merely slitting their throats, he had hung their heads for public display.
Thus, the message the Chairman was sending to the fund managers became crystal clear.
Don't get cocky just because your returns are good. You are all replaceable.
"Before we begin, let me say something first."
Manager Choe, who had taken on the acting role, raised his voice at the Department Heads and team leads who couldn't even lift their heads.
"This matter is completely unrelated to the staff incentive issue. The incentives for our fund managers, who have worked hard, will be the highest ever."
"..."
"The returns are good. The global market is favorable. For the time being, command staff should focus on employee morale. I hate to jinx it, but everyone will receive incentives beyond expectations."
Whether out of concern for the devastated morale of the staff, Manager Choe emphasized this several times.
As a brief silence fell, Team Leader Choe raised his hand.
"Business Unit Head..."
"Yes, Team Leader Choe."
"I'm sorry, but... when will the successor issue be decided? Department Head O has been constantly at the Strategy Office lately, so I've been handling all the approvals."
—If I may, our Domestic Team is also handling approvals. How long will Department Head Gim be staying in the Support Department?
Manager Choe pinched the bridge of his nose with a bitter expression.
The two pillars of the Investment Office, Department Head O and Department Head Gim, were currently so busy they couldn't even attend meetings. The two had abruptly gone to the Strategy Department and Support Department to clean up the mess.
The same was true for Manager Choe. Currently, he was juggling risk management and acting Division Chief duties—a hellish schedule that would be too much even if he had two bodies.
"Is there something urgent?"
"The Republican primary is leaning heavily toward Donald, so the Nasdaq market conditions are unusual."
"Another theme stock?"
"Yes. Whenever rumors surface that Biden is dominant, renewable energy stocks surge, and whenever rumors surface that Donald is dominant, manufacturing stocks surge. Honestly, we need to prepare to some extent for the election predictions... but I'm not enough to judge alone."
—It's the same for domestic stocks. Every time Donald mentions Hoam Electronics or the Asan Motors plant, stock prices fluctuate wildly. It seems we need some kind of countermeasure.
Actually, U.S. election theme stocks were not of interest to the pension fund. Its weight class was too large for that.
Regardless of which party took power, the fundamental U.S. tone didn't change much, and sector-specific pluses and minuses were not meaningful changes when viewed against total assets.
But this time was different... something was definitely different.
The Republican Party, which had seized both houses in the midterm elections, was fanatical about Donald, and such Donald shouted about the climate change hoax and protectionism every time he opened his mouth.
This was an agenda never before seen in decades of U.S. presidential elections.
"Let's respond boldly..."
Manager Choe answered thus.
"I'm not saying this because our company atmosphere is chaotic. You know the Republicans pushing MAGA is just rallying the base, right? During Donald's first term, he was a lame duck. He couldn't keep a single campaign promise. What makes you think a second term would be any different? Don't mind the fluctuating theme stocks. No matter who wins, there won't be any major changes."
—Yes, understood.
"Okay. Anything else?"
Everyone kept their mouths shut.
"Good. Sorry to repeat myself, but for the time being, command staff should focus on employee morale rather than market conditions. I'll resolve the personnel issues quickly too."
—Understood.
As everyone rose from their seats, Manager Choe called me out.
"Manager I."
"Yes, Business Unit Head."
"Why haven't you said a word at the risk meetings lately? The U.S. election has become a showdown between a dementia patient and a conspiracy theorist. Isn't this kind of uncertainty your favorite market condition?"
"Haha... Biden will win, I suppose. These days I'm busy with the domestic stock market..."
"Busy with the external manager, you mean."
He shot me a sidelong glance.
"Have you decided...? On Changcheng Fund?"
"Yes."
"Ahem... I hate to say this, but isn't it too small a shop to use as a trust? Its asset size is only in the hundreds of billions, and it has no experience receiving mandates from sovereign wealth funds. Also, last year it aggressively invested in Chinese real estate and lost its shirt. Construction stocks accounted for 50% of its assets, apparently."
Manager Choe spoke worriedly.
"From what I heard, they've already run out of capital, so they proposed giving up 90% of operating profits. But what's the point of offering 90% or 95% if they can't even make money. Isn't it a fund company that should consider itself lucky if it doesn't lose principal?"
I smiled bitterly. The very fact that it looked so pathetic was why I had selected the company.
What I needed now wasn't a skilled player but someone good at running errands.
"Are you opposed, Business Unit Head?"
"Not opposed, just a small concern. My decision to give you full authority on this matter remains unchanged. It's just... it feels like too small-time a fund company. Like recruiting a Sunday league soccer dad for the World Cup national team. Is there any chance you could reconsider?"
"Haha..."
"No, you have no intention of changing... Okay, I understand. Sign the outsourcing contract and manage it yourself. I look forward to another excellent return."
"Thank you, Business Unit Head."
"Ah, and there's one favor I really hope you'll grant me."
Manager Choe paused briefly.
"As you know, the atmosphere at the company is a complete mess right now. For us, it's as if the President, the Prime Minister, and the Deputy Prime Minister for Economy and Finance were all suddenly wiped away at once... so cleaning up is no easy task. So... could you take on an executive position?"
"...An executive position?"
"To be honest, whether it's me, Department Head O, or Department Head Gim, while we may disagree on other personnel matters, we were unanimous when it came to you alone. Please become a Team Leader. With protectionism emerging as a hot topic in the U.S. election again, I don't think just anyone can handle this kind of uncertainty."
"But Business Unit Head..."
"I don't mean for you to join immediately. You can join after spending a few months on the external manager selection, of course. And now you'll have to work with seniors of lower rank than you. But how long are you going to work alone like a deserted island? Your office used to be the Domestic Team's pantry."
"..."
"Department Head O said that even as a Department Head, he ended up following your opinion whenever he discussed things with you. With someone like you, can't you win over a few seniors? And this industry is brutally honest in the face of visible numbers. There's no one who doesn't know your investment track record, so that discomfort won't last as long as you think. Please take the position."
I fell into thought for a moment. But the thought didn't last long.
"I'd be grateful if you entrust it to me. I'll do my best."
"...Really?"
"Yes. What kind of person in this world would refuse a promotion? If you entrust it to me, I'll try to work well with the seniors."
"Thank you. No, congratulations!"
"What about the other personnel issues...?"
"Department Head O will go to the Risk Team, and Department Head Gim will go to the Strategy Department. And the successor Department Heads are under discussion."
"Then are you moving up to Division Chief, Business Unit Head?"
"Well... that's how it turned out. Thanks to my seniors pulling strings, the Chairman singled me out."
"That's a relief. Congratulations, Division Chief. I look forward to working with you."
When I offered my congratulations, Manager Choe's face turned bitter.
In fact, he was more distressed by this position than I was. Because the position he was now being promoted to was one he had reached by stepping over his seniors' corpses, so rather than being moved, he felt guilt.
But he was no fool to cling to what couldn't be reversed.
"Division Chief, you say... Yes, thank you, Team Leader. Let's do well together."
Truthfully, there wasn't even time to mourn the seniors' resignations.
It had been decided that the National Pension Service would receive even more.
From now on, they had to record returns like this year's, every year.
*
With Manager Choe officially taking on the role of Division Chief, the internal chaos was resolved at a rapid pace.
As he had announced, Department Head O and Department Head Gim each went to Risk and Strategy, and accordingly, the vacant Department Head positions were filled by suitable Team Leaders.
Team Leader Choe, who had suddenly found himself in charge of the Overseas Team... no, now Department Head Choe, sent me love calls daily. Since he had become Team Leader anyway, hurry back to your home team and once again write the Overseas Team's profit history...
I had bought a few months' time using the external manager selection as an excuse, but in truth, I had no intention of returning to the Overseas Team.
"..."
Korea—a country that had risen from the ashes of war to create booms in semiconductors, automobiles, and the Korean Wave. Had such a country truly lacked talent? Or had it lost its talent?
I wanted to go to the Domestic Team. More precisely, I wanted to go to the Venture Team. How to reinvest the profits earned overseas into the domestic market had become my assignment.
—Sejun! Sejun!
While waiting at the Incheon Airport departure gate, a glad voice boomed loud enough to startle even the planes.
When I responded gladly, Meilin set aside her carrier and came running with a bounce. At that innocent appearance, I could smile for the first time in a very long while.
"..."
Before leaving, Division Chief Bak Seongcheol had earnestly pleaded with me. Never to oppose power... witnessing the four fund commanders being flicked away like cigarette ash, he must have felt a sense of futility. As an adult, he seemed to have figured out what kind of person I was.
But I had only shown a smile and did not answer.
"..."
It was impossible.
I realized once again that pouring water into a cracked jar changed nothing.