State Street Corporation has extended its partnership with Korea’s National Pension Service (NPS) to support the pension fund’s global alternatives and equities growth.
Under the terms of the mandate, the $5.6tn (£4.2tn) asset servicing giant will continue to provide back- and middle-office services for NPS’s global equities and global alternatives portfolios. NPS manages $1.1tn in assets, including $400bn in global equities.
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“Over the past decade, NPS has grown significantly in asset size, geographic reach and portfolio complexity,” said Min Kim, country head for Korea at State Street. “As NPS continues to expand its global footprint and diversify its investment portfolio, State Street will provide the infrastructure, data and operational capabilities that enable growth.”
The partnership was first established in 2014, with mandate renewals in 2018 and 2021.
State Street has maintained a presence in Korea since 1998, when it opened its first office in the country. The investment manager later opened an office in Jeonju in 2019.
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“We are honoured to extend our long relationship with NPS, one of the world’s most sophisticated institutional investors,” said Joerg Ambrosius, president of investment services at State Street. “As asset owners continue to expand across markets and into alternatives, we are focused on helping clients operate with greater precision, transparency and insight.”
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