Citigroup has been appointed by Norges Bank Investment Management to safeguard the securities of the Norwegian oil fund through a seven-year contract.
Citi will now handle the portfolio of Norwegian oil fund, which is worth about $865bn. The deal comes as a major boost for the company that is intending to expand its custodian business, according to The Financial Times.
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Okan Pekin, global head of investor services at Citi, was quoted by the news agency as saying: "For Norges to have a partner who is on the ground everywhere was essential, particularly in the new frontier markets."
Currently it offers custodian services in around 62 markets.
JP Morgan, which was also a contender in acquiring the Norwegian oil fund, boasts a portfolio of about $14.5tn in assets under custody and sub-custody.
The Norwegian fund has investments in 82 countries.
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