Citibank recently announced its selection as an investment manager and global custodian for Denmark's second-largest pension fund, Lonmodtagernes Dyrtidsfond.
As part of the deal, Citibank will invest $26 million of the pension fund's money in international fixed-income instruments and act as a custodian for $53 million of international fixed-income investments, said Anthony Galliano, a Citibank sales manager in London.
The pension fund controls a total investment pool of $7 billion. Mr. Galliano said the deal ranks as one of the first appointments of a foreign bank by a Danish pension fund.
"For us it's a breakthrough," Mr. Galliano said.
The deal is relatively small compared with Citibank's total investment management and custody business. The company has $323 billion of assets in custody.
Its investment manager, Citicorp Global Asset Management, has discretion over $73 billion of assets, Mr. Galliano said.
