Big business win for Citi

|By:, SA News Editor

Citigroup (C) grabs some business from JPMorgan (JPM) winning a contract to deliver custody and securities-lending services to Norway's mammoth sovereign wealth fund ($866B AUM). The mandate is "believed to be one of the largest of its kind in the industry," says Citi, which didn't provide any details on the contract, but it's believed to be "long term."

Citi is the custodian for about $12.8T in assets, and the win comes just months after it created a new unit combining custody with financing and fund services, and as JPMorgan continues to undergo management upheaval.