SOUTH Korea’s enormous national pension fund is to open an office in London, boosting the government’s attempts to attract foreign investment in British infrastructure.
The $320bn (£200bn) fund is looking to double the size of its existing overseas portfolio to around $60bn and has already spent a substantial sum on British projects in the last two years, snapping up HSBC’s headquarters in Canary Wharf, buying a stake in Gatwick airport and backing several large property developments in the capital.
Deputy Prime Minister Nick Clegg made the announcement following a meeting in Seoul with the fund’s chairman Jun Kwang-woo.
“We’re ramping up our sales pitch abroad – Britain is open for business. We’re making sure the UK doesn’t miss out because investors don’t know what’s on offer or about our long-term strategy to deliver world-beating infrastructure. [The fund’s] decision to open in London is testament to the economic opportunities in the UK,” Clegg said.
The office, due to open in June, will be the fund’s second international office, after New York.