State Street Retains Korean Pension Giant
State Street has renewed its long-standing servicing mandate with South Korea’s National Pension Service, supporting one of the world’s largest pension funds as it expands its global equity and alternatives investments.
State Street will continue to provide back- and middle-office services for the global equity and alternatives portfolios of South Korea’s National Pension Service (NPS), reinforcing its position as a key infrastructure provider to one of Asia’s largest institutional investors.
The renewed mandate covers a broad range of services, including custody, fund accounting, performance measurement and analytics, mandate compliance, securities lending, transaction management, trade processing, and data consolidation.
NPS manages assets worth approximately KRW 1,670 trillion ($1.1 trillion), of which around KRW 600 trillion ($400 billion) is invested in global equities. The fund has steadily increased its overseas exposure as it diversifies beyond the domestic market.
Supporting NPS’ Global Growth
«We are honored 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. «This mandate underscores the value of our global scale, integrated platform and deep expertise in servicing complex, multi-asset portfolios. As asset owners continue to expand across markets and into alternatives, we are focused on helping clients operate with greater precision, transparency and insight.»
State Street has supported NPS’ global investment operations since 2014, with previous mandate renewals in 2018 and 2021, highlighting the long-standing nature of the relationship.
Min Kim, State Street’s country head for Korea, said the pension fund’s rapid international expansion has increased operational complexity.
«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,» he said. «By delivering a fully integrated, scalable asset servicing model across public and private assets, we are helping NPS manage complexity and unlock long-term value.»
State Street has operated in South Korea since opening its Seoul office in 1998 and expanded its local presence with an office in Jeonju in 2019 to support major institutional clients, including NPS.
