Can North Jeolla Province become Korea's 3rd financial hub?
North Jeolla Province is betting on the National Pension Service (NPS), which manages 1.6 quadrillion won ($1.2 trillion) in assets, to help transform the region into Korea's third financial hub. But while the world's third-largest pension fund has drawn a growing number of asset managers to the region, infrastructure gaps and difficulties in attracting financial talent are raising questions…
North Jeolla Province is aiming to become Korea's third financial hub with the help of the National Pension Service (NPS), which manages a staggering 1.6 quadrillion won ($1.2 trillion) in assets. While the world's third-largest pension fund has attracted numerous asset managers to the region, infrastructure gaps and challenges in recruiting financial talent are casting doubt on whether this ambitious goal can be achieved, according to industry officials.
Situated approximately 250 kilometers south of Seoul, North Jeolla Province has historically been recognized for its agricultural heritage and cultural significance. This began to shift in 2015 when the NPS relocated to Jeonju, the province's largest city. The move has drawn both domestic and foreign asset managers to Jeonju to strengthen their connections with the NPS.
In June, the NPS began granting an extra point to asset managers with a presence in Jeonju for selecting investment managers. The region now boasts global asset managers like BlackRock, Blackstone, BNY Mellon, Franklin Templeton, and PIMCO, as well as prominent domestic players such as Mirae Asset, Samsung, Hanwha, and KB Asset.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
