National Pension Service (NPS) was established in 1987 to centralize the compulsory contributions of the Korean people, although it did not start investing through NPS IM until 1999. NPS is five times the size of KIC, but it is a more conservative investor, with only 12% of its portfolio outside of stocks and bonds. The PPF maintains representative offices in London, New York, Singapore, and San Francisco, and it lost over 100 investment staff when it moved its HQs 120 miles South of Seoul. The organization remains highly politicized.