DWS opens Jeonju office, bringing global asset managers in city to 13

The National Pension Service announced Monday that global asset manager DWS Asset Management has opened an office in Jeonju, North Jeolla Province.

The opening brings to 13 the number of global asset managers with offices in Jeonju. BlackRock, the world's largest asset manager, opened a Jeonju office in March, followed by global real estate and alternative investment firm Stauwood Capital in July. Including domestic financial institutions, 40 financial firms now operate offices in the city.

DWS held an opening ceremony Monday afternoon at its new office in Manseong-dong, Jeonju. Attendees included National Pension Service Chairman Kim Sung-joo, German Deputy Ambassador to Korea Joern Beissert, DWS Group Global CFO Markus Kobler and Lee Tae-young, head of DWS Asset Management's Korea unit.

Headquartered in Frankfurt, Germany, DWS operates in 24 countries with major hubs in New York, London and Hong Kong. The firm established its Korea subsidiary in 2002 and has been active in the domestic asset management market since.

DWS began its relationship with the National Pension Service in August 2004 with a domestic bond investment mandate, later expanding into overseas real estate, equities and infrastructure over more than two decades of partnership. The firm plans to rebrand in Korea under the name "Deutsche Asset Management," starting with a brand name change in November and completing the legal entity rename in the first half of next year.

DWS has also supported the National Pension Service's investment capabilities by offering management strategies and products across various asset classes tailored to the fund's needs, and by running customized training programs at its German headquarters.

The National Pension Service said it expects the Jeonju office opening to further cement the long-standing partnership between the two organizations and to serve as an opportunity to deepen engagement with global asset managers.

"We are deeply pleased to see DWS Asset Management, a partner of more than 20 years, open an office in Jeonju," National Pension Service Chairman Kim said. "We will continue to expand cooperation with global asset managers and work to make Jeonju a hub for asset management where leading financial institutions from around the world come together."