News

State Street extends asset servicing deal with Korea’s NPS

Korean flag and buildingsThe National Pension Service (NPS) of Korea has renewed its asset servicing mandate with global custodian State Street. The global custodian will continue to provide back and middle office services for NPS’s global equity and alternatives portfolios, which have US$195 billion and $43 billion in assets under management respectively. The relationship between NPS, the world’s third largest pension fund, and State Street started in 2014 with the latter providing custody, fund accounting, performance and analytics, mandate compliance and securities lending services. In 2018, NPS outsourced its middle office operations to State Street, which included data consolidation and customisation services. According to State Street’s chief executive for Asia Pacific, Mostapha Tahiri, a priority in the renewed service agreement will be ESG-related services. © 2021 funds global asia

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