By Daniel Hunter
Deputy Prime Minister Nick Clegg and Trade & Investment Minister Lord Green today (Thursday) welcomed the National Pension Service of Korea (NPS) to the UK, as its London office was officially opened.
The NPS is one of the world’s largest pension funds with an estimated value of $320bn and its London office is only the second office the Service has opened outside Korea after New York.
The fund has already invested in more than £1bn of commercial property in London including the HSBC Tower, as well as investing in Gatwick Airport.
The decision to open an office in London is part of the NPS’s plans to diversify and increase their overseas investments, and follows a meeting between the Deputy Prime Minister and the Chair of the South Korean National Pension Service (NPS), Jun Kwang-woo, in Seoul last March.
Deputy Prime Minister, Nick Clegg, said:
“Britain is open for business, and it’s a vote of confidence in the UK that the world’s fourth largest pension service is opening a base here.
“The investment this brings will be a considerable boost for British jobs, investment for UK infrastructure projects, and growth for manufacturing.
“The National Pension Service of Korea’s decision to open in London is testament to the economic opportunities in the UK.”
Lord Green said:
“I am delighted to welcome the National Pension Service of Korea to London.
“The UK remains the leading European destination for inward investment and by investing in London the Service has placed itself at the centre of world finance and in a strong and stable regulatory environment. They can take advantage of our unrivalled links to the continent and to North America, as well as the skills of the UK’s dynamic and productive workforce.”
“I look forward to UKTI helping make this venture a success for Britain and for the NPS.”
Lord Green was the guest speaker at the formal opening today, together with the fund’s chairman Jun Kwang-Woo.
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