Norwegian oil fund opts for Citi as global custodian

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first_imgOkan Pekin, global head of investor services for Citi, said the bank was well positioned to anticipate Norges Bank’s needs through its global presence and network.Norges Bank, which manages the funds’ global and national investments, recently announced losses from its emerging market equity portfolios.The fund, which on average owns 1.5% of listed companies and is the world’s largest single investor, also increased its holdings in Brazilian, Turkish and Mexican government bonds. Norges Bank Investment Management, manager of Norway’s Government Pension Fund Global, has selected Citi to provide it with global custody and securities lending services.The manager, which controls more than $850bn (€610bn) in global assets, said it selected Citi after a detailed evaluation of global custodians, and appreciated its sub-custodian network, which would allow it to maintain its global mandates.The bank is expected to provide the fund with solutions across its investment chain, including prime finance and agency, securities lending, futures, OTC clearing and collateral management, custody and global fund services.Age Bakker, COO at the fund, said: “Through Citi’s proprietary sub-custodian network and investment in technology, it is enabled to deliver custody services in an integrated, efficient and transparent manner.”last_img

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