State Street has obtained regulatory approval to open a new representative office in Jeonju, home to one of the world's largest pension funds.
The new office aims to strengthen State Street's presence in the country and enable it to deepen its client relationship with the National Pension Service of Korea (NPS).
Ian Martin, head of Asia-Pacific at State Street, said: "We are delighted to move forward with our new office in Jeonju City."
This move also strengthens our footprint in Korea, expanding beyond our current asset servicing and global markets capabilities in Seoul"
"Given the depth and breadth of this mandate, we believe our new office in Jeonju City will enable us to deliver strategic partnership to NPS through better proximity."
He added: "This move also strengthens our footprint in Korea, expanding beyond our current asset servicing and global markets capabilities in Seoul. Jeonju is rapidly establishing its credentials as a major financial center in Korea and we are pleased to be contributing to the city's ongoing success."
State Street anticipates signing the lease on its new office in August, and in the meantime, it will start operations in its temporary office located in a co-work space in Jeonju City.
South Korea's investor base is one of the largest in the region, housing more institutional investors than Hong Kong and Singapore. Earlier this year State Street's asset management arm, State Street Global Advisors (SSGA), also entered the Korean market with an office based in Seoul.