Norges Bank Investment Management, which oversees the investments of the 5.156 trillion Norwegian kroner ($866 billion) Norway's Government Pension Fund Global, Oslo, hired Citi Global Transaction Services as NBIM's custodian and securities lending agent.
”We have carried out a detailed evaluation,” Age Bakker, chief operating officer at NBIM, said in a news release, adding that Citi was selected because of its proprietary subcustody network and its investment in technology.
J.P. Morgan Worldwide Securities Services was the previous custodian and securities lending provider, said Thomas Sevang, NBIM spokesman. He did not say why the firm was replaced.
Citi has custody operations in 62 countries, Citi spokeswoman Nina Das said in an e-mail.