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South Korea pension picks BlackRock, Grosvenor to manage hedge fund investments

Published 07/10/2016, 10:36 PM
Updated 07/10/2016, 10:40 PM
© Reuters. File photo of the BlackRock sign in the Manhattan borough of New York
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SEOUL (Reuters) - South Korea's National Pension Service (NPS), the world's third-largest pension fund, said it had chosen a BlackRock Inc (NYSE:BLK) unit and Grosvenor Capital Management to manage investments in funds of hedge funds in 2016.

NPS, which plans to begin investing in hedge funds this year, plans to entrust BlackRock Financial Management and Grosvenor with up to $500 million each, the pension fund's investment management office said in a statement.

"The upcoming hedge fund investment is expected to contribute to the generation of stable profits by diversifying risk for the fund's entire portfolio," NPS Chief Investment Officer Kang Myoun-wook said in the statement.

© Reuters. File photo of the BlackRock sign in the Manhattan borough of New York

The NPS had 512 trillion won ($415 billion) in assets under management as of December.

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