State Street opens South Korea representative office

Jeonju Hanok VillageState Street has been given the go-ahead to open a representative office in Jeonju City, South Korea. The new office will allow it to further its client relationship with the National Pension Service of Korea (NPS), the asset manager and custody bank said in a statement on July 16, 2019. “Last year NPS extended our relationship providing back office services for their global equities portfolio, as well as expanding our remit by appointing us as their first-ever middle-office provider across all their global investments,” said Ian Martin, head of Asia Pacific at State Street. The scope of the mandate combined with the proximity of the new office will allow State Street to deliver its strategic partnership to NPS, Martin said, highlighting Jeonju’s growing reputation as a major financial centre in South Korea. Earlier this month, State Street received permission to expand its trustee capabilities in Singapore after obtaining a trust business license from the Monetary Authority of Singapore. ©2019 funds global asia

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