S.Korea's state pension fund to raise overseas investment to 50% by 2024

SEOUL, May 31 (Reuters) - South Korea’s National Pension Service (NPS) said on Friday it would increase its asset allocation to overseas to 50% by 2024, as it continues to diversify its holdings to respond better to volatility in the financial market.

The NPS, the world’s third-largest pension fund, with about 68% of its 675 trillion won ($566.80 billion) portfolio invested in South Korea as of March 2019, has been under pressure to increase the diversification of its portfolios beyond the boundaries of the South Korean economy.

The fund said in a statement it aims to have about 30% of its assets in overseas stocks and 10% in overseas bonds by the end of 2024.

$1 = 1,190.9000 won Reporting by Heekyong Yang and Yuna Park, Editing by Sherry Jacob-Phillips