JP Morgan gives away massive $850 billion mandate to Citi
Replacement of JP Morgan justified by Citi’s superior local market presence, which was tested extensively by the sovereign wealth fund, according to sources
In a blow to incumbent JP Morgan, Citi emerged as the major winner over the past quarter by replacing its fellow New York-headquartered bank as global custodian for Norges Bank Investment Management’s (NBIM’s) $850 billion investment portfolio globally. The loss wipes, at a stroke, almost 5% off JP Morgan’s global assets under custody.
NBIM is responsible for managing Norway’s Government Pension Fund Global, a sovereign wealth fund which invests revenues from the country’s petroleum activities in
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