BNY Mellon Asset Servicing Selected as Global Custodian for National Pension Service in Korea
August 02 2007 - 6:59AM
PR Newswire (US)
LONDON, Aug. 2 /PRNewswire-FirstCall/ -- BNY Mellon Asset
Servicing, the global leader in asset servicing, has been selected
by National Pension Service of Korea, to provide global custody,
securities lending and other services. National Pension Service,
currently the largest Asian public pension fund outside Japan, was
established in 1988 under the National Pension Act and has KRW207
trillion (approximately US$224 billion) assets under management
(June 2007). This is projected to grow to approximately KRW415
trillion (approximately US$449 billion) by 2012. National Pension
Service will expand its investments in bonds and stocks overseas up
to 20 percent of its total assets by 2012. Tim Keaney, co-head of
BNY Mellon Asset Servicing, said: "We have always been committed to
being the preferred partner of National Pension Service, and
helping them succeed with their global investments. We understand
their desire to rapidly expand the number of markets and we will be
able to help provide access to many of the world's fastest growing
markets." Keaney noted the enormous potential growth in pension
schemes in Korea and their need to expand investments to global
markets aggressively as Korean investors, from retail to
institutional investors, have become ever- increasingly
sophisticated. The Bank of New York Mellon has been conducting
business in Korea for nearly 20 years. The company has a full
branch office in Korea, and works with a wide range of banks,
government entities, and other financial institutions throughout
the nation. Notes to Editors BNY Mellon Asset Servicing offers
clients worldwide a broad spectrum of specialised asset servicing
capabilities, including custody and fund services, securities
lending, performance and analytics, and execution services. BNY
Mellon Asset Servicing provides services through The Bank of New
York, Mellon Bank, N.A. and other related companies. The Bank of
New York Mellon Corporation is a global financial services company
focused on helping clients manage and move their financial assets,
operating in 37 countries and serving more than 100 markets. The
company is a leading provider of financial services for
institutions, corporations and high-net-worth individuals,
providing superior asset management and wealth management, asset
servicing, issuer services and treasury services through a
worldwide client-focused team. It has more than $20 trillion in
assets under custody and administration and more than $1 trillion
in assets under management. Additional information is available at
http://www.bnymellon.com/. DATASOURCE: BNY Mellon Asset Servicing
CONTACT: Ivan Royle, +44-20-7964-6119, or , or Louisa Bartoszek,
+44-20-7163-2826, or , both of BNY Mellon Asset Servicing Web site:
http://www.bnymellon.com/ http://www.bankofny.com/
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