Citigroup, Northern Trust named China NSSF custodians – source
BEIJING (XFN-ASIA) – China’s National Social Security Fund (NSSF) has named Citigroup and Northern Trust as its custodian banks for overseas investment, an unidentified fund official said.
‘Citigroup and Northern Trust have been appointed,’ the official told XFN-Asia, adding that an official announcement will be made soon.
By the end of 2005, NSSF had total assets of 211.79 bln yuan.
Xiang Huaicheng, head of the NSSF, said earlier that the agency plans to invest up to 800 mln usd overseas by the end of the year, mainly focusing on Hong Kong as well as US and European markets.