Northern Trust is continuing its expansion across Asia-Pacific with the establishment of an office in Seoul, South Korea, following regulatory approval from the Financial Services Commission (FSC).

"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 Officer Frederick H. 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."

The representative office in Seoul will be led by chief representative Byun Jai Yung.

Byun has worked as a consultant for Northern Trust, focused on the Korean market, since mid-2013. With a career spanning more than 30 years at the Bank of Korea, Byun has worked in a variety of roles across compliance, international finance and foreign exchange policy planning in South Korea.

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

Asia-Pacific is the fastest-growing global region for Northern Trust, with assets under custody growing at an annual rate of 25% from 2008 through 2013, and assets under management growing by 15% annually over that five-year period.

With a network of eight offices across the region, the Seoul office marks the second representative office established during 2014, following the opening of its Kuala Lumpur office earlier this year.