Asia: Short-term bumps on a long-term growth path

THE opening of the Singapore office of Korea's National Pension Service (NPS) is an exciting development for Singapore's asset management industry.

NPS manages one of the largest pension funds in the world, with 500 trillion won (S$598 billion) of assets under management. The decision by NPS to set up an office here is significant. This will be NPS's first overseas office in Asia and its third in the world after New York and London.

In setting up an overseas office in Asia, NPS is affirming the long-term growth prospects for the region. NPS is clearly taking a strategic view of Asia against the backdrop of recent market volatility and moderation in growth.