May 4 Norway picked Citigroup over rival
U.S. bank JPMorgan Chase & Co Inc as custodian of its
sovereign oil wealth fund, the world's biggest at $865 billion,
the Financial Times reported on Sunday.
Officials at the banks were not immediately available for
The award of a seven-year contract is set to be announced
this week, the paper said.
Citi, the fourth-largest custodian in the world with about
$14.5 trillion in assets under custody and sub-custody, last
year combined its investor services unit - which includes
custody - with its trading business, the paper said.
JPMorgan, with more than $20 trillion in assets under
custody, is among the top three globally with State Street Corp
and Bank of New York Mellon Corp, took similar
steps almost two years ago, the paper said.
JPMorgan has been hiring staff and investing hundreds of
millions of dollars annually in the custodian business in the
past few years, the paper said.
While the loss of Norway's oil fund as a client is a
disappointment, the bank hopes to win at least two similar-
sized mandates in the near future, people familiar with the
business told the Financial Times.
(Reporting by Scott DiSavino; Editing by Eric Walsh)