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World's fourth largest pension scheme opens office in London

25 June 2012

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The fourth largest pension scheme in the world, the South Korean state pension fund (NPS) has opened a new office in London. The scheme holds assets worth $320bn according to the latest data held by Pension Funds Online. The move is designed to expand the scheme's international portfolio of assets.

The scheme's London office is only the second office the NPS has opened outside Korea after New York.

More than £1bn of the scheme's funds are already invested in the UK, with holdings in HSBC's Canary Wharf skyscraper and the UK's second biggest airport Gatwick.

Deputy prime minister Nick Clegg said that the fund's decision to locate the office in London could be seen as a "vote of confidence" in the UK.

In a statement Clegg said: "The investment this brings will be a considerable boost for British jobs, investment for UK infrastructure projects, and growth for manufacturing,"

Stephen Green, the former chairman of HSBC and current British trade minister, opened the base alongside the chairman of the NPS Jun Kwang-Woo.

 

First published 22.06.2012

azeevalkink@wilmington.co.uk