Northern Trust has set up a representative office in Seoul, South Korea, after winning regulatory approval from the Asian country.

Northern Trust has set up a representative office in Seoul, South Korea, after winning regulatory approval from the Asian country, the US-listed banking group announced today.

The office will be led by Byun Jai Yung, who has worked as a consultant for Northern Trust, focused on the Korean market, since mid-2013. His career spans more than 30 years at the Bank of Korea. He has worked in a variety of roles across compliance, international finance and foreign exchange policy planning in South Korea.

“South Korea is one of the world’s fastest growing economies and we are pleased to establish a local presence in this important and dynamic market,” Northern Trust chairman and chief executive Frederick Waddell 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,” he said.

The Chicago-headquartered bank said Asia-Pacific is its fastest-growing global region, with assets under custody growing at an annual rate of 25 per cent from 2008 through 2013, and assets under management growing by 15 per cent annually over that five-year period. The Seoul office marks the second representative office in Asia established during 2014, following the opening of its Kuala Lumpur office earlier this year.