KSD to Open New York Office Next June, 16 Years After Opening Hong Kong Office

[Financial News] KSD will open an overseas office in New York, U.S., next June. It will be KSD’s first overseas office in about 16 years, since it established its Hong Kong office in May 2011.
According to sources in the financial investment industry on the 1st, KSD approved a plan to establish a New York office at a board meeting last week, with the aim of opening it next June.
The office is planned to initially have three staff members: a head, one employee on assignment, and one locally hired employee. KSD plans to finalize the employee to be dispatched this month and proceed with related procedures, including obtaining a visa. It also plans to sign a lease for local office space by the end of the year.
The recent surge in domestic investors’ investments in U.S. stocks has increased the need for operational cooperation with local securities depository and settlement institutions, leading to the decision to establish the New York office. According to KSD, the value of U.S. stocks held in custody for domestic investors rose about 24-fold, from $8.4 billion at the end of 2019 to $200.2 billion in early last month.
Through its New York office, KSD is expected to expand communication with local financial infrastructure institutions, including DTC, a subsidiary of the U.S. securities depository DTCC, and improve the efficiency of its overseas securities custody and settlement operations.
Meanwhile, last September, KSD signed a memorandum of understanding (MOU) in New York, U.S., with Broadridge, a global financial technology and proxy voting support company. KSD appears to be focusing on local cooperation not only for overseas securities custody and settlement but also to support domestic investors in exercising their voting rights in overseas stocks.

[email protected] Im Sang-hyeok Reporter