State Street Renews USD1.1tr National Pension Service Mandate

State Street has renewed its long-standing mandate to provide asset servicing for South Korea's National Pension Service (NPS), reinforcing its role as a strategic partner to one of the world's largest institutional investors.

The renewed State Street NPS agreement supports the pension fund's expanding international investment programme as overseas allocations continue to increase.

The mandate covers a comprehensive range of back- and middle-office services, including custody, fund accounting, securities lending, transaction management, trade processing and performance measurement for NPS' global equity and alternative investment portfolios.

The National Pension Service manages approximately KRW1,670tr (USD1.1tr) in assets, including around KRW600tr invested in overseas equities.

State Street has supported the fund's international operations since 2014, with previous mandate renewals completed in 2018 and 2021.

Investment Services President Joerg Ambrosius said the renewed State Street NPS relationship reflects growing demand among large institutional asset owners for scalable infrastructure capable of supporting increasingly complex global multi-asset portfolios.