The office, which complements DWS’s existing operation in Seoul, will serve as a base for direct engagement with NPS. The firm has been a partner with DWS for decades, sharing market research and investment expertise with local stakeholders.

While not strictly about wealth management, the new DWS office, which aims to capitalise on the South Korea market, highlights its ambitions to expand into the region.

DWS, the Frankfurt-based asset manager, which had €1.19 trillion ($1.38 trillion) in AuM at 30 June 2026, employs about 5,000 people worldwide across active, passive and alternative strategies.

NPS ranks among the largest asset owners in the world, with a fund worth ($1.36 trillion) at the end of June. It is the world’s third-largest pension fund, behind Japan’s Government Pension Investment Fund and Norway’s Government Pension Fund Global. 

DWS's move to strengthen its presence in the region is part of a growing trend. Franklin Templeton opened a Jeonju contact office in 2023 to provide liaison and market research support to NPS, and Tishman Speyer, which manages real estate assets for the fund, opened its own liaison office in the city in March 2025. Domestic houses Samsung Asset Management and Mirae Asset Global Investments have also set up offices there.

The opening comes weeks before DWS will be adopting Deutsche Asset Management as its global brand in early November.