Norwegian Pension Fund Manager Appoints Citi

Norges Bank Investment Management (NBIM), manager of the Government Pension Fund, has appointed Citi to provide global custody and securities lending services to support NBIM’s $850 billion investment portfolio globally.

Last year, NBIM used J.P. Morgan as its global custodian, with Citi simultaneously in place as a backup custodian. Citi says the mandate is one of the largest of its kind in the industry.

“We have carried out a detailed evaluation. Citi has demonstrated a commitment to the custody business through their proprietary sub custodian network and investment in technology, enabling them to deliver custody services in an integrated, efficient and transparent manner,” says Age Bakker, chief operating officer, NBIM.

Okan Pekin, Citi’s global head of investor services, says: “By having a global presence combined with in-depth, local expertise, our offering is well positioned to support Norges Bank Investment Management’s mission and growth objectives. This appointment highlights our ability to serve the needs of a leading investment manager on a multi-jurisdictional basis and I would like to thank all of the Citi team members who worked diligently to bring this relationship to fruition.”