BNY Mellon Awarded Expanded Mandate by the National Pension Service of Korea
JANUARY 20, 2022
BNY Mellon’s integrated middle office services offering a key factor in its selection by NPS
BNY Mellon today announced it has successfully completed the onboarding of the fixed income investment portfolios of the National Pension Service of Korea (NPS), the world’s third largest pension fund.1 In addition to custody solutions the company provides for NPS’s fixed income investment portfolios, the expanded remit will deliver a range of services through BNY Mellon OMNISM, a client- and data-centric securities services platform, to help transform NPS’s operating model across the front, middle and back office. Key elements include:
- Middle Office Solutions—trade processing and validation capabilities, investment book valuations
- Institutional Accounting Solutions—providing valuation of assets across the globe, enabling performance and compliance reporting
- Global Risk Solutions—performance measurement and analytics, compliance reporting
The expansion of this integrated solutions offering will help NPS further optimize its global investment management process, allowing for greater focus on investment strategy and delivering value for its members. The solutions will also improve operational efficiencies, and help manage increasingly rapid changes in investment and regulatory complexities, as NPS expands its global footprint across key financial hubs in London, New York and Singapore.
“Korea is an important growth market for BNY Mellon in Asia Pacific. We are honored that NPS has entrusted us with an expanded mandate, recognizing our efforts to help future-proof its operating model and support its global growth. This mandate is testament to the strength of our franchise and underlines our firm commitment to Korea,” said Fangfang Chen, Asia Pacific Chair and Asia Pacific Head of Asset Servicing and Digital at BNY Mellon. “We have developed a comprehensive front-to-back offering to service our institutional clients and will continue to strengthen our client relationships and broaden our service capabilities.”
Hyon Joo Park, Korea Country Executive at BNY Mellon, said, “We are delighted to complete the onboarding on schedule as we transform our franchise to focus on providing value-added services to our clients. Ever since we became the global custodian for NPS's fixed income mandate in 2018, we have demonstrated our commitment to delivering exceptional service to meet NPS’s global investment needs as we continue to increase investments in Korea and expand our highly-skilled team in Jeonju. NPS will be able to fully leverage our resources, innovative solutions and robust investment ecosystem to address its investment challenges in an increasingly complex environment.”
As part of its continued commitment to Korea, BNY Mellon has also established community partnership initiatives for the development of the Korean financial industry, including the Future Global Leaders Mentoring Program for aspiring students in collaboration with the Jeonbuk Provincial Government.
BNY Mellon has operated in Korea since 1988 with the establishment of the Seoul branch office, and currently services major institutional clients in Korea across asset owner, asset manager, bank and insurance sectors. BNY Mellon became a global custodian for NPS in 2018 and in the same year, opened a representative office in Jeonju, where NPS is headquartered, to better serve the client.
1 As of Oct 2021, NPS had total assets under management of KRW 918 trillion (about USD 767 billion), with 55% invested globally. (Source: National Pension Service of Korea)
About BNY Mellon
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment and wealth management and investment services in 35 countries. As of Dec. 31, 2021, BNY Mellon had $46.7 trillion in assets under custody and/or administration, and $2.4 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.