State Street extends custody agreement with Korea’s NPS
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State Street extends custody agreement with Korea’s NPS 12 July 2021Hong Kong Reporter: Maddie Saghir
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State Street has renewed its service contract to continue to provide back-office and middle-office services for the National Pension Service of Korea’s (NPS) global equity and alternatives portfolios.
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 Investment Book of Record (IBOR) services, transaction management, trade processing and data consolidation and customisation services.
Ian Martin, global head of asset owner segment at State Street, comments: “We are excited to be continuing our long-term partnership with the NPS. Over the past decade, the NPS has diversified its investment portfolio by raising allocations to foreign and alternative assets.
He continues: “Searching for returns across multiple asset classes requires a fresh approach to mitigating risk and managing data. We are proud to be helping the NPS harmonise and capitalise on data.”
According to Martin, the reappointment underscores State Street’s capabilities in terms of supporting pension funds to manage risk effectively, drive operational efficiency, balance liquidity and achieve better outcomes for their members.
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Image: Lubo Ivanko/adobe.stock.com 