BNY Mellon has completed the onboarding of the fixed income investment portfolios of the National Pension Service of Korea (NPS), the world’s third-largest pension fund.
In addition to the custody solutions the company already provides for NPS’s fixed income investment portfolios, the expanded remit will deliver a range of services through BNY Mellon OMNI, a client and data-centric securities services platform, to help transform NPS’s operating model across the front, middle and back office.
OMNI has trade processing and validation capabilities as well as investment book valuations. It also provides valuation of assets across the globe, enabling performance and compliance reporting. In addition, its global risk offerings allow access to performance measurement and analytics for compliance reporting.
The expansion of this integrated solution will help NPS further optimise its global investment management process, allowing for greater focus on investment strategy for its members.
BNY Mellon’s solution also aims to 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.
BNY Mellon has operated in Korea since 1988, when it established its 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.
Fangfang Chen, Asia Pacific (APAC) chair and APAC head of asset servicing and digital at BNY Mellon, says: “Korea is an important growth market for BNY Mellon in Asia Pacific. We are honoured that NPS has entrusted us with an expanded mandate, recognising 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.”
Hyon Joo Park, Korea country executive at BNY Mellon, comments: “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.”
