State Street Corporation announced on Friday that its partnership with Korea’s National Pension Service (NPS) has been extended under a renewed mandate.

State Street will continue to provide back- and middle-office services for NPS’ global equity and global alternatives portfolios, according to a statement.

Korea’s NPS manages KRW1.670 trn ($1.1trn) in assets, including KRW 600 trn ($400bn) invested in global equities.

“Over the past decade, NPS has grown significantly in asset size, geographic reach and portfolio complexity,” said Min Kim, country head for Korea at State Street.

“As NPS continues to expand its global footprint and diversify its investment portfolio, State Street will provide the infrastructure, data and operational capabilities that enable growth.”

“By delivering a fully integrated, scalable asset servicing model across public and private assets, we are helping NPS manage complexity and unlock long-term value.”

State Street has supported NPS’ global investment operations since 2014, with mandate renewals in 2018 and 2021.

The scope of services includes custody, fund accounting, performance and analytics, mandate compliance, securities lending, middle-office, transaction management, trade processing, and data consolidation and customization.

“We are honored to extend our long relationship with NPS, one of the world’s most sophisticated institutional investors,” said Joerg Ambrosius, president of investment services at State Street.

“This mandate underscores the value of our global scale, integrated platform and deep expertise in servicing complex, multi-asset portfolios. As asset owners continue to expand across markets and into alternatives, we are focused on helping clients operate with greater precision, transparency and insight.”

State Street opened its first office in Seoul in 1998, expanding its local franchise with the opening of a Jeonju office in 2019 to support key clients, including NPS.