Kim Sung-joo, chairman of the National Pension Service (NPS), urged executives and staff at Pebblestone Asset Management to "grow into a global asset manager and play an active role not only at home but also overseas." His message called on the firm to leverage the experience accumulated through managing NPS funds to compete on the global stage.
Pebblestone Asset Management held an opening ceremony for its Jeonju office on Monday, attended by Chief Executive Hwang Tae-woong, Vice President Seo Jin-gyo, Chairman Kim, and Ahn Jun-sang, head of the NPS real estate investment division.
"Typically, firms open an office only after their relationship with NPS has been established, but Pebblestone has been doing business with us for less than two years," Kim said. "I hope to see strong results and performance." He added, "Opening this office should not stop at simply creating a physical space. I hope you will engage actively and strengthen the network on both sides."
Pebblestone Asset Management is the third independent asset manager to open an office in Jeonju, following IGIS Asset Management and Capstone Asset Management. Last year, Pebblestone was selected for the first time as an outsourced manager for NPS's domestic real estate value-add fund, receiving a 250 billion won commitment. The firm reportedly earned high marks based on the strong performance it had previously delivered while managing capital from foreign investors.
"After being selected as an NPS outsourced manager last year, we hired seven additional employees, and we have hired one local employee for the Jeonju office," CEO Hwang said. "We will actively participate in initiatives that contribute to regional co-prosperity." In response, Chairman Kim said, "I hope we can continue to do business together with NPS, joining hands across everything from seminars to conferences."
NPS is said to have substantially adjusted management fees that previously differed from those paid to foreign managers, in an effort to support the growth of domestic asset managers. In the past, foreign managers received higher fees than their domestic counterparts, but the gap has now reportedly narrowed to a negligible level.
