State Street Opens Representative Office in Jeonju to Support Korea’s NPS

Wednesday, July 17, 2019 12:12 pm EDT

Dateline:

KOREA, HONG KONG, SINGAPORE
"We are delighted to move forward with our new office in Jeonju City"

State Street Corporation (NYSE: STT), one of the world’s leading providers of financial services to institutional investors, today announced that it has obtained regulatory approval to open a representative office in Jeonju City, Korea. The new office will strengthen State Street’s presence in Korea and enable it to deepen its client relationship with National Pension Service of Korea (NPS).

“We are delighted to move forward with our new office in Jeonju City,” said Ian Martin, head of Asia-Pacific at State Street. “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. Given the depth and breadth of this mandate, we believe our new office in Jeonju City will enable us to deliver strategic partnership to NPS through better proximity.

“This move also strengthens our footprint in Korea, expanding beyond our current asset servicing and global markets capabilities in Seoul,” added Martin. “Jeonju is rapidly establishing its credentials as a major financial center in Korea and we are pleased to be contributing to the city’s ongoing success.”

State Street anticipates signing the lease of its Jeonju City office in August. Before moving to the new office, it will start operation in its temporary office located in a co-work space in Jeonju City.

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