BNY Mellon Asset Servicing has been selected by National Pension Service of Korea, to provide global custody, securities lending and other services.
National Pension Service, currently the largest Asian public pension fund outside Japan, was established in 1988 under the National Pension Act and has KRW207 trillion (approximately US$224 billion) assets under management (June 2007). This is projected to grow to approximately KRW415 trillion (approximately US$449 billion) by 2012. National Pension Service will expand its investments in bonds and stocks overseas up to 20 percent of its total assets by 2012.
“We have always been committed to being the preferred partner of National Pension Service, and helping them succeed with their global investments,” says Tim Keaney, co-head of BNY Mellon Asset Servicing. “We understand their desire to rapidly expand the number of markets and we will be able to help provide access to many of the world’s fastest growing markets.”
Keaney noted the enormous potential growth in pension schemes in Korea and their need to expand investments to global markets aggressively as Korean investors, from retail to institutional investors, have become ever-increasingly sophisticated.