S Korea pension fund to raise investment in Asia

SEOUL, May 14 (AFP): South Korea's state pension fund -- the world's fourth-largest -- said Friday it would set up a fund worth up to $830 million for investment only in Asia. The National Pension Service (NPS) said it would select eight local asset managers next month to run a Pan-Asia Fund totalling up to 900 billion won. Each asset manager would handle a maximum 200 billion won to support and invest in venture companies and firms seeking to expand in Asia. The Pan-Asia Fund is aimed at tapping into the high growth potential of China, India and other Asian countries, it said in a statement. The NPS, which manages total assets of 333 trillion won, has expanded investment in overseas properties and infrastructure since 2006 to diversify its portfolio beyond fixed-income assets. It bought HSBC's headquarters in London for 1.5 trillion won in 2009 and an office building in Sydney for 750 billion won last year. Last April it announced a deal to take over Berlin's Sony Center from a Morgan Stanley real estate fund for 850 billion won.