The mandate 'is believed to be one of the largest of its kind in the industry'.
The third-largest bank in the U.S. and Norges Bank Investment Management, which manages Norway’s fund, didn’t provide a value or duration for the contract.
For Citigroup, the custodian for about $12.8tril in assets, the win comes just months after it created a new unit that combines custody with financing and fund services. In January, Citigroup named Nick Roe to run the business in Europe, Middle East and Africa after Okan Pekin became global head of the group in November.
'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', Age Bakker, chief operating officer at NBIM, said in a statement released by Citigroup.
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