Korean Pension Fund Service to Invest in IPOs

South Korea's National Pension Service will invest funds in shares of companies about to go public, paving the way for the pension fund to invest in forthcoming Korean initial public offerings, says the Wall Street Journal.

 

The NPS has 274 trillion won (about $240 billion) under management, making it the world's fifth-largest pension fund, says the Journal.

 

Citing analysts, the newspaper says the new rule will help the fund achieve its goal of investing of 16.6% of its capital in domestic companies, such as Samsung Electronics Co. and Korea Electric Power Corp., compared with 13% as of the end of 2009.

 

Quoting the main bourse, the Journal says about 30 companies are expected to list shares on the Korea Exchange market this year.

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