Key Takeaways
- • J.P. Morgan Asset Management and South Korea's National Pension Service (NPS), which manages $1.26 trillion, signed a memorandum of understanding to establish a strategic partnership spanning all asset classes, according to a Nov. 11 news release.
- • The partnership builds on a decadelong relationship; JPMAM has managed money for NPS since 2015 and is listed as an external manager for equity and fixed income strategies on NPS disclosures.
- • The agreement covers knowledge sharing on macroeconomics and portfolio construction and research collaboration, and JPMAM will open a new office in Jeonju in 2027.
- • The release did not disclose current NPS assets managed by JPMAM or any commitment to increase that amount.
- • NPS has entered similar arrangements with Allianz Global Investors (March) and Areim, a Nordic real estate manager in which it bought a minority stake in 2025.
Summary
J.P. Morgan Asset Management (JPMAM) and South Korea's National Pension Service (NPS) have agreed to establish a strategic partnership that formalizes and deepens a relationship spanning more than a decade, according to a news release dated Nov. 11 and reported by Pensions & Investments. The memorandum of understanding was signed at JPMorgan's New York City headquarters. The partnership will span all asset classes and includes knowledge sharing in areas such as macroeconomics and portfolio construction, alongside research collaboration intended to strengthen NPS's investment capabilities.
NPS chairman and CEO Kim Sung-joo described the signing as "the first step in a true strategic partnership." JPMAM CEO George Gatch said the firm was proud to deepen its longstanding relationship with NPS and that the firm's global active management expertise would support NPS as it advances its long-term investment objectives. JPMAM, which reports $4.8 trillion in assets under management, has managed money for NPS since 2015. NPS website disclosures list J.P. Morgan as an external manager for both equity and fixed income strategies.
The announcement did not provide the current amount of NPS assets managed by the firm and did not specify whether the partnership includes commitments to grow that allocation. JPMAM also plans to open a new office in Jeonju in 2027 to expand its on-the-ground presence in Korea.
The deal is not NPS's first formal arrangement of this kind. The pension system struck a similar partnership with Allianz Global Investors in March and acquired a minority stake in Nordic real estate manager Areim in 2025.
NPS chairman and CEO Kim Sung-joo described the signing as "the first step in a true strategic partnership." JPMAM CEO George Gatch said the firm was proud to deepen its longstanding relationship with NPS and that the firm's global active management expertise would support NPS as it advances its long-term investment objectives. JPMAM, which reports $4.8 trillion in assets under management, has managed money for NPS since 2015. NPS website disclosures list J.P. Morgan as an external manager for both equity and fixed income strategies.
The announcement did not provide the current amount of NPS assets managed by the firm and did not specify whether the partnership includes commitments to grow that allocation. JPMAM also plans to open a new office in Jeonju in 2027 to expand its on-the-ground presence in Korea.
The deal is not NPS's first formal arrangement of this kind. The pension system struck a similar partnership with Allianz Global Investors in March and acquired a minority stake in Nordic real estate manager Areim in 2025.
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