| Citigroup Inc. won a contract to deliver custody and securities-lending services to Norway’s $866 billion sovereign wealth fund, the world’s biggest, displacing previous provider JPMorgan Chase & Co.
The mandate from the fund “is believed to be one of the largest of its kind in the industry,” Citi said in a statement. 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. Thomas Sevang, a spokesman for NBIM, said the deal was “long term,” declining to comment further...............................................Full Article: Source
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