Norges Bank Investment Management selects Citi as global custodian for USD850bn in assets
Citi has been awarded a mandate from Norges Bank Investment Management (NBIM) to provide global custody and securities lending services to support NBIM’s USD850 billion investment portfolio globally.
The mandate is believed to be one of the largest of its kind in the industry.
“It’s a great privilege to have been selected by Norges Bank Investment Management to provide these services,” says Okan Pekin, global head of investor services, Citi. ‘’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.”
“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, Norges Bank Investment Management.
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