State Street scoops $20bn Norway oil fund job

US financial services firm State Street Corporation has been selected by Norges Bank to provide fund administration services for the real estate programme of the Norwegian Government's Pension Fund

Boston-based State Street Corporation has won the high-profile real estate fund administration contract with Norges Bank to administer the $20 billion real estate investment programme of the Norwegian Government's Pension Fund.

State Street, which expanded in Europe in April when it took over Jersey-headquartered fund administrator, Mourant International Fund Administration, will be providing back office functions such as administration, accounting and director services and will also provide reporting and joint venture structuring services.

George Sullivan, executive vice president of State Street's alternative investment solutions group, said: “This sovereign fund is a significant client for us.”

The high-profile win follows hot-on-the-heels of the announcement by Norges Bank Investment Management (NBIM), which manages the Government fund, that Grove International Partners’ head of Japan, Karsten Kallevig, would head up the real estate team from 1 September.

Earlier this year, the government rubber stamped a move allowing the fund to allocate up to 5 percent of its total assets to real estate for the first time.