External service providers
Service providers as at 30 June 2016.
Norges Bank purchases a number of services from external service providers. All contracts with external service providers are the result of thorough negotiations and are subject to legal quality assurance before they are signed.
The main service providers are:
The use of external managers is an important element of the investment strategy. We award investment mandates to organisations with expertise within clearly defined investment areas. We award external equity mandates in markets and segments where it is not practical or realistic to build internal expertise. More information about the external mandates
Custody and clearing of securities
Norges Bank uses one global custodian for international payments and securities custody and clearing, Citibank N.A.
Transaction settlement with counterparties
Norges Bank has implemented the system SimCorp Dimension to handle all transaction settlement and asset servicing for the internally managed portfolios (equities and fixed income). Norges Bank uses Goldman Sachs and UBS as the main clearing brokers.
The return on the equity and fixed-income portfolios is calculated using the performance system Statpro Performance and Attribution from Statpro Group Plc.
FactSet provides investment data, asset analytics, risk measurement and performance attribution.
Norges Bank uses the Agresso ERP system supplied by Unit4 Business Software as the system for internal accounting and reporting. Nordea Bank (Oslo) and HSBC (offices abroad) provide banking services.
Deloitte AS serves as the Norges Bank appointed auditor.
The funds benchmark portfolios are provided by:
- FTSE International Ltd for the equity portfolio
- Barclays Plc for the fixed-income portfolio
- IPD (Investment Property Databank) for the real estate portfolio
Investment Market Data
The fund’s Investment data are provided by:
- Thomson Reuters
Longview delivered by Linedata Ltd. is the order management system for both equity and fixed-income trading.
Our proxy voting agent is Institutional Shareholder Services (ISS). ISS provides voting-related research and voting recommendations to us, and we instruct on shareholder meetings via the ISS voting platform (ProxyExchange). For the shareholder meetings that are not instructed on by us, ISS will vote according to a bespoke voting policy set by Norges Bank Investment Management.
The market risk in the portfolios is measured using the risk model RiskManager provided by MSCI.
Real Estate Services
State Street Administration Services (UK) Ltd and its affiliates are responsible for providing administration and accounting services for the real estate portfolio entities.
The credit ratings of the fixed-income portfolio and unsecured counterparty exposures are based on deliveries from:
- Fitch Ratings Ltd
- Moody’s Corporation
- Standard & Poor’s Financial Services LLC
Operational risk, Control and Compliance
The control and compliance department uses various systems to manage operational risk and ensure that the organisation is compliant with investment guidelines. One of the systems used for handling operational risk is EasyRisk, delivered by Det Norske Veritas.
Operational and support services for IT infrastructure for all our offices (Oslo, London, New York, Shanghai, Singapore and Tokyo), as well as IT system maintenance, are provided by Cognizant Technology Solutions Corporation.