LUXEMBOURG - The €8.4bn Fonds de Compensation de la Sécurité Sociale has appointed Citi as custodian to the new Luxembourg State Pension Fund.

Citi said it launched its global custody, fund accounting and fund administration solution for the Fonds de Compensation launched late last year.

Following the launch, a part of the assets have been transferred onto the company's global funds administration and custody platforms in Luxembourg, after the pension fund appointed Citi through a public tender process.

The Fonds de Compensation de la Sécurité Sociale is a SICAV (Société d'Investissement À Capital Variable), an investment company set up by the Fonds de Compensation du régime général de pension, a public institution which was created in 2004 for the administration of general pension assets.

In June last year, the fund already appointed 18 managers for a total of €3.8bn (See earlier IPE story: ‘Luxembourg FDC appoitns 18 managers').

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