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, located about 250 kilometers south of Seoul, is aiming to become Korea's third financial hub with the help of the National Pension Service (NPS). The NPS, which oversees 1.6 quadrillion won ($1.2 trillion) in assets, has attracted a growing number of asset managers to the region. However, infrastructure gaps and the challenge of attracting financial talent are raising doubts about whether this ambition can be realized.
Traditionally known for its agricultural roots and cultural heritage, North Jeolla began transforming in 2015 when the NPS relocated to Jeonju, the province's largest city. The NPS's presence in Jeonju has drawn both domestic and foreign asset managers, eager to forge closer ties with the pension fund.
In June, the NPS started awarding additional points to asset managers with a presence in Jeonju who select investment managers. This incentive has attracted a diverse range of players, from global giants like BlackRock, Blackstone, BNY Mellon, Franklin Templeton, and PIMCO to domestic firms such as Mirae Asset, Samsung, Hanwha, and KB Asset. While the NPS's move to Jeonju has sparked significant interest, questions remain about whether these developments can truly transform North Jeolla into Korea's third financial hub.
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.
This story
This is one outlet's version. Read the fullest account.
