Northern Trust has established a new office in South Korea as it looks to continue its expansion in the Asia-Pacific region.
The announcement follows regulatory approval from the Financial Services Commission, and the office in Seoul will be led by chief representative Byun Jai Yung.
“South Korea is one of the world’s fastest growing economies and we are pleased to establish a local presence in this important and dynamic market,” says Frederick Waddell, chairman and CEO, Northern Trust.
“We see significant opportunity to offer our range of solutions to the sophisticated institutional investors in the country and deepen our relationships in South Korea.”
Byun has worked as a consultant for Northern Trust, focused on the Korean market, since mid-2013. He has worked in a variety of roles across compliance, international finance and foreign exchange policy planning in South Korea.
Asia-Pacific has become the fastest-growing region for Northern Trust, with assets under custody growing at an annual rate of 25% from 2008 through 2013, and assets under management growing by 15% annually over that five-year period.
Northern Trust has eight offices across the region, and the Seoul office is the second to be opened in 2014 following the establishment of a station in Kuala Lumpur earlier this year.