The National Pension Service of Korea, the world’s third largest pension fund, has renewed its service agreement with State Street, which will continue to provide back-office and middle-office services for the NPS’ global equity and alternatives portfolios which have KRW222trn (USD195bn) and KRW49trn (USD43bn) AuM respectively.
State Street has been providing custody, fund accounting, performance and analytics, mandate compliance and securities lending services to the NPS global equity and alternatives portfolio since 2014. In 2018, the NPS appointed State Street to support its middle-office operations, including IBOR services, transaction management, trade processing and data management. BNY Mellon acts as custodian for NPS’s fixed income assets.