South Korea’s National Pension Service (NPS) is planning to spend nearly $6.9 billion to increase its domestic equity allocation in 2012, San Francisco Chronicle reports, citing Bloomberg. The fund will raise the weighting for local stocks to 19.3% of assets in 2012 from the 18% planned for 2011 as well as cut the weighting for domestic bonds.
The fund, overseen by the Ministry of Health and Welfare, has kept a five-year target to boost equities to at least 30% of assets by the end of 2016. The fund’s size may increase to $368.72 billion by the end of 2012 from $334.35 billion estimated for the end of 2011.
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