CHINA - The RMB 211.79bn (US$26.7bn) National Council for Social Security Fund (NCSSF) has selected Citigroup and Northern Trust to provide custody services for its overseas investments.
The Fund announced in June it would start investing in capital markets outside its domestic borders, and said it planned to invest a sum of between US$500m and $800m in equities by year end, with an additional $100m to $300m in fixed-income products.
Citigroup and Northern Trust will provide support and expertise in all key areas, including those areas where the NCSSF considered it necessary to make its overseas investments scheme a success.
Established in late 2000 as an agency reporting directly into the State Council, NCSSF was designed to tackle the problem of China's ageing society. It serves as a strategic reserve fund accumulated by the central government to support future social security expenditures.
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