Northern Trust has opened a new representative office in Seoul, South Korea after receiving regulatory approval from the Financial Services Commission (FSC).

The new Seoul office will be headed by chief representative Byun Jai Yung and marks as the second representative office established by the company this year.

The office has been launched to expand the firm’s presence in the Asia-Pacific region. It follows the launch of Kuala Lumpur office earlier this year.

Byun worked as a consultant for Northern Trust, focused on the Korean market, since mid-2013. Prior to joining Northern Trust, Yung worked with Bank of Korea in a variety of roles across compliance, international finance and foreign exchange policy planning in South Korea.

Frederick Waddell, chairman and CEO of Northern Trust, said: "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."

William Mak, head of Asia-Pacific for Northern Trust, said: "Byun’s extensive knowledge and experience will be instrumental to growing our business and deepening our relationships in this strategic market."