Citi has been awarded a mandate from Norges Bank Investment Management (NBIM), the organisation 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.
NBIM manages the fund on behalf of Norway’s Ministry of Finance, which stands as the formal owner of the fund on behalf of the Norwegian people. The ministry determines the investment strategy, in consultation with NBIM and following discussions in parliament.
The fund is made up of capital from petroleum investments in foreign countries, chosen in order to protect the country’s economy from the effects of fluctuating oil prices. The fund also invests in international equities, fixed income and property.
“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 for 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.”
