Norway SWF axes JP Morgan as global custodian

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Norges Bank

Norges Bank Investment Management (NBIM) has hired Citi to provide global custody services for the $850 billion investment portfolio held by Norway's Government Pension Fund Global (GPFG), replacing JP Morgan Chase, which had inherited the mandate from Chase Manhattan Bank when it bought JP Morgan in 2000.

NBIM said the decision was made following a "comprehensive tender process" carried out using a request for proposals (RFP). A spokesperson for NBIM said today it hoped JP Morgan would replace

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