KDB Infrastructure Asset Management Opens Jeonju Office... 41 Financial Institutions Now in Jeonbuk

Private Financial Firms Cluster Around the National Pension Service
Asset Managers and Others Continue to Set Up Offices... 27 Joined This Year Alone

Jeonbuk’s financial sector is expanding its related functions, from asset management to infrastructure investment, centered on the National Pension Service Fund Management Headquarters. With 27 financial institutions joining this year alone, the number of financial institutions in the province has risen to 41 following the opening of a Jeonju office by KDB Infrastructure Asset Management. The continued arrival of financial firms is helping lay the foundation for Jeonbuk to grow into a financial city specializing in asset management.

Attendees, including Jeonbuk Special Self-Governing Province Governor Lee Wontaek, National Pension Service Chairman Kim Seongju, Korea Development Bank Chairman Park Sangjin, and KDB Infrastructure Asset Management CEO Lee Junseong, cut the ribbon at the opening ceremony for the company’s Jeonju office at the Korea Development Bank’s Jeonju branch on the 2nd. Provided by the Jeonbuk Provincial Government.

Jeonbuk Special Self-Governing Province said KDB Infrastructure Asset Management opened its Jeonju office on November 2 and began full-scale operations.

Attendees at the opening ceremony included Jeonbuk Special Self-Governing Province Governor Lee Wontaek, National Pension Service Chairman Kim Seongju, Korea Development Bank Chairman Park Sangjin, and KDB Infrastructure Asset Management CEO Lee Junseong.

A recent feature of Jeonbuk’s efforts to attract financial institutions is that related companies, particularly asset management firms, have been setting up offices in Jeonju one after another. In September, Pacific Asset Management, Midas Asset Management, and Truston Asset Management, among others, opened Jeonju offices. On October 7, Hyundai Investment Asset Management opened an office in Jeonbuk Innovation City.

Then, on October 12, three Samsung-affiliated asset managers—Samsung Asset Management, Samsung Active Asset Management, and Samsung SRA Asset Management—jointly established an office in Jeonju. NongHyup Financial Group and Capstone Asset Management are also among the institutions that have recently drawn attention amid the expansion of Jeonbuk’s financial sector cluster.

These institutions are expanding their ties with the local financial sector by collaborating with the National Pension Service, managing assets, and handling investment-related operations. One reason financial institutions are setting up offices in Jeonju is that being close to the National Pension Service Fund Management Headquarters allows them to strengthen their working relationships.

Against this backdrop, KDB Infrastructure Asset Management’s arrival will broaden the expertise of Jeonbuk’s financial sector. It will add infrastructure investment and large-scale project financing (PF) capabilities to the existing cluster, which is centered on asset management.

The 41 financial institutions based in Jeonbuk show that various functions of the financial industry are coming together in one region, including ▲asset management ▲asset custody and trust services ▲fund accounting and administrative management ▲infrastructure investment.

Asset managers develop investment strategies and manage funds, while custodian banks hold and manage assets, and fund administrators provide accounting and administrative support. With the addition of an infrastructure-focused asset manager, there is greater potential to connect various functions within the region, from identifying investment opportunities to managing and administering funds.

One distinctive feature of Jeonbuk’s financial sector is the proximity of private financial firms to a major public pension fund manager, the National Pension Service Fund Management Headquarters. If this leads to greater cooperation among institutions, an influx of skilled professionals, and further expansion by related companies, the region’s financial ecosystem could become more robust.

Jeonbuk Province expects the steady arrival of financial institutions to also help expand the infrastructure needed for advanced industries such as artificial intelligence (AI), semiconductors, and future energy. Infrastructure finance plays an important role because developing large-scale infrastructure, including industrial complexes and energy supply facilities, requires long-term investment and stable funding.

However, an increase in the number of financial institutions alone will not make a financial city competitive. The benefits of clustering may vary depending on how much local offices are actually involved in investment and decision-making, and how many skilled professionals and related companies establish a lasting presence in the region.

Jeonbuk Province plans to build the Jeonbuk International Financial Center (JIFC), attract additional public institutions, and seek designation as the country’s third financial center.

Jeonbuk Special Self-Governing Province Governor Lee Wontaek said, “With 41 financial institutions now based in the province, Jeonbuk’s financial landscape is being redrawn every day, and a self-sustaining ecosystem is taking firm shape. We will create the best possible business environment so this leads to tangible results in the form of a stronger local economy that residents can experience.”

This content was produced with the assistance of AI translation services.