Citigroup and Northern Trust have been selected by the National Council for Social Security Fund (NCSSF) to provide custody services for the overseas investments of NCSSF.
“Citigroup is proud and highly honored that the NCSSF has chosen us, along with Northern Trust, as a partner in discharging this important responsibility,” says Shengman Zhang, the Vice Chairman of Global Banking and Chief Operating Officer of Corporate & Investment Banking Asia Pacific at Citigroup.
Established in late 2000 as an agency reporting directly into the State Council, NCSSF aims to be a solution to the problem of aging and serves as a strategic reserve fund accumulated by the central government to support future social security expenditures.
Citigroup, together with Northern Trust, intends to work closely with the NCSSF to provide support and expertise in all key areas, including those areas where the NCSSF considers it necessary to make its overseas investments scheme a success.
“Northern Trust is delighted to have won this mandate and looks forward to continuing to work in partnership with the NSSF in the future,” adds Kevin Tan, the Chief Representative of Northern Trust in China. “Our focus on China and the NSSF, as well as our innovative products and services and culture of delivering superior client service, are core to our business philosophy and key to our success.”