South Korea’s National Pension Service (NPS) today signed a three-year partnership agreement with Credit Suisse that will cover a range of services including asset management, risk management, governance, technology transfer and training.“This is the first time NPS has appointed a strategic partner in an effort to enhance its investment capabilities, with an emphasis on the diversification of asset allocation overseas,” said the two companies in a joint statement. “The appointment follows an open, keenly contested tender and due-diligence process involving some of the world’s most prestigious asset management companies.”
David Blumer, Credit Suisse’s chief executive for asset management, said: “This partnership represents another significant development for our asset management business in South Korea, as we continue to expand our footprint in the Asia-Pacific region, and it underscores our ability to partner with clients in providing them with comprehensive investment solutions.”
In 2006, Credit Suisse launched an asset management joint venture, Woori Credit Suisse Asset Management, which ranks fourth in the country by assets under management.
Founded in 1988, NPS is the sole fiduciary for the administration of South Korea’s national pension scheme and the management of the National Pension Fund of South Korea. NPS has more than $200 billion in assets under management, with a growth rate of around $20 billion a year.
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