Korea Securities Depository, Seoul, hired Bank of New York as securities lending agent, according to Kevin Heine, a bank spokesman. The program involves offshore securities owned by the National Pension Corp., a non-profit state pension fund that had $100.29 billion in assets as of June 30, 2003, the most recent data available.
"We were seeking to optimize portfolio performance and generate incremental revenue through our securities lending program," Koog-jun Cho, executive director and CIO at NPC, said in a news release.
Korea Securities Depository is the country's sole securities depository and clearing organization. Bank of New York is the organization's global custodian.
"We are certain that by using the bank's securities lending platform we will ... benefit from its processing expertise and the regional support they will be able to provide," Young Ho Park, director of the International Services Department at KSD, said in the news release.