Norges Bank Investment Management Selects Citi as Sole Global Custodian and Securities Lending Provider for $850 Billion in Assets
OSLO, LONDON, NEW YORK – Citi has been awarded a mandate from Norges Bank Investment Management (“NBIM”), the organization responsible for managing the Government Pension Fund Global , to provide global custody and securities lending services to support NBIM’s $850 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,” said 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.”
With investor service capabilities in 95 countries and the world’s largest proprietary custody network in over 60 markets, Citi leverages its global footprint and sophisticated fund services platform to offer consistent, scalable and flexible solutions enabling global fund managers to extend their reach and business.
”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," said Age Bakker, Chief Operating Officer, Norges Bank Investment Management.
Citi Investor Services provides fund managers with access to an end-to-end set of flexible investment solutions with leading capabilities in four distinct areas: Prime Finance and Agency Securities Lending; Futures, OTC Clearing and Collateral Management; Global Custody Services and Global Fund Services.
###
About Citi
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Citi has been in the Nordic countries since the 1970s, with offices in Stockholm, Copenhagen, Oslo and Helsinki.
Additional information may be found at http://www.citigroup.com | Twitter: @Citi | YouTube: http://www.youtube.com/citi | Blog: http://new.citi.com | Facebook: http://www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi.
About Norges Bank Investment Management
Norges Bank Investment Management (NBIM) is responsible for the management of the Government Pension Fund Global and the Foreign Exchange Reserves. The portfolios are valued at more than NOK approx. 5000 billion and invested in international fixed income, equity and real estate markets. Norges Bank Investment Management currently invests in 82 countries and 44 currencies and continues to expand investments in emerging markets.
Media Contacts:
Citi
London: Capucine Boncenne +44 (20) 7508-9355 capucine.boncenne@citi.com or Jeffrey French +44 (20) 7500-8304 jeffrey.french@citi.com
New York: Nina Das 1212 816-9267 nina.das@citi.com
Stockholm: Anneli Sundstrom + +46 (8) 723-3416 anneli.sundstrom@citi.com
NBIM
Thomas Sevang, Head of Communications, press@nbim.no