The South Korean state pension fund has opened a new office in London, giving the $320 billion fund a foothold in Europe as it looks to expand its international portfolio of assets, Britain’s business department said on Thursday.
The National Pension Service of Korea, the world’s fourth largest pension fund, has already invested more than 1 billion pounds ($1.6 billion) in the UK, including in HSBC’s Canary Wharf skyscraper and the country’s second biggest airport Gatwick.
Britain’s deputy prime minister Nick Clegg heralded the fund’s decision to locate the office, its second outside of Korea, in London as a “vote of confidence” in the UK.
“The investment this brings will be a considerable boost for British jobs, investment for UK infrastructure projects, and growth for manufacturing,” he said in a statement.
Britain’s coalition government has been eager to attract big investors such as pension funds to its shores, hoping they will help pay for much-needed infrastructure projects.
Stephen Green, the former HSBC chair and current British trade minister, formally opened the base on Thursday alongside NPS’ chair Jun Kwang-Woo, the statement said.