US-based asset manager Franklin Templeton is set to open a new office in South Korea in the first half of this year.

The proposed contact office will be situated in Jeonju, Jeollabuk-do province, and will help the firm boost its ties with South Korea’s National Pension Service (NPS).

It will provide NPS, which is based in Jeollabuk-do province, with various services such as market research and analysis.

NPS chairman and chief executive Tae-hyun Kim said: “Franklin Templeton’s Jeonju office will not just strengthen their lines of communication and collaboration with NPS but will also play an important role in the overall development of the local financial services sector and the wider community in Jeollabuk-do Province.”

In 1997, Franklin Templeton entered South Korea with the opening of its first branch in Seoul.

The company also formed a joint venture with Hana Financial Group in 2006 in addition to a strategic alliance with Woori Asset Management in 2021.

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Franklin Templeton president and CEO Jenny Johnson said: “As a key market for Franklin Templeton in the Asia Pacific region, Korea presents us with huge opportunities and we are extremely pleased to announce the opening of our contact office in Jeonju.”

The latest development follows a Bloomberg report in July last year that stated that Franklin Templeton Investments was expecting to expand its exchange-traded funds (ETF) business to $50bn in the next three years.