South Korea’s NPS awards four mandates

SeoulSouth Korea’s National Pension Service (NPS) has awarded four local asset managers with a total mandate of 800 billion won ($708 million) to invest in real estate and renewable energy. NPS, the world’s third largest pension fund, has allocated $221.6 million each to IGIS Asset Management (IGIS) and Samsung SRA Asset Management for real estate investments. Meanwhile Shinhan Alternative Investment Management and Samchully Asset Management will receive $133 million each to target domestic renewable energy assets. In October NPS selected State Street to provide back and middle-office outsourcing services, having already used it for back-office services such as custody, fund accounting, performance and analytics, mandate compliance and securities lending services. That same month, the pension fund also appointed Ahn Hyo-jun as its chief investment officer. As of June 2018, the NPS had about $600 billion in total assets under management. Of this, about $200 billion is being invested globally across 68 markets, according to BNY Mellon. ©2018 funds global asia

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