State Street to administer Norway-Global's property exposure
NORWAY - Norges Bank Investment Management has hired State Street to provide fund administration services for the Norway Government Pension Fund's planned real estate allocation.
State Street will provide administration, accounting and director services for all of the fund's property investments, which have yet to be built up following new rules enabling it to invest in the asset class, limited to 5% of its NOK2.76trn (€347bn) total assets under management. (See previous IPE article: Norway-Global given top-line real estate guidelines).
State Street will also provide reporting and joint venture structuring services.
In April, State Street acquired Mourant International Fund Administration. It provides fund administration services to more than 290 real estate funds, with an estimated $50bn in real estate assets under administration.
"We are delighted to have been appointed as Norges Bank's real estate service provider," said George Sullivan, executive vice president of State Street's alternative investment solutions group.
"This sovereign fund is a significant client for us, and we are very much looking forward to taking on this new assignment and working with the team at Norges Bank to provide them with services for the real estate allocation of their growing fund."