Northern Trust is to open a representative office in Seoul, following regulatory approval from the Financial Services Commission.
Leading the office will be Byun Jai Yung, chief representative for Northern Trust in South Korea.
Frederick Waddell, Northern Trust chairman and CEO, said: “South Korea is one of the world’s fastest growing economies and we are pleased to establish a local presence in this important and dynamic market.”
“We see significant opportunity to offer our range of solutions to the sophisticated institutional investors in the country and deepen our relationships in South Korea.”
Yung has worked as a consultant for Northern Trust since mid-2013. With more than 30 years at the Bank of Korea, Yung has worked in a variety of roles across compliance, international finance and foreign exchange policy planning in South Korea.
“[Yung’s] extensive knowledge and experience will be instrumental to growing our business and deepening our relationships in this strategic market,” said William Mak, head of Asia-Pacific for Northern Trust. “We are pleased to open this office under [Yung’s] leadership as we continue to expand our footprint across Asia-Pacific.”
