New Office to Offer Onshore Depositary Services to Norwegian Domiciled Funds Following Reappointment by NOK 790bn(approximately US$92bn) Kommual Landspensjonskasse
Underscoring its commitment to meeting the evolving requirements of its clients, Northern Trust (Nasdaq: NTRS) has announced it will open a second branch office in the Nordic region.
The Oslo office will be established as a branch of Northern Trust Global Services SE, an EU credit institution and a wholly owned subsidiary of The Northern Trust Company, and will offer onshore depositary services to Norwegian asset managers and asset owners. The office will be led by Robert Stenmark and is established following the reappointment by Kommunal Landspensjonskasse (KLP), Norway's largest life insurance firm.
The reappointment builds on an existing 10-year relationship and supports the life insurer's continued evolution across fund products and strategies. Under the terms of the renewed mandate with KLP, Northern Trust will provide a range of asset servicing solutions, including an extension of the relationship for the provision of depositary services for KLP's Norway-domiciled mutual funds.
"We are pleased to expand our relationship with KLP leading to the establishment of our Oslo branch," said Clive Bellows, head of Global Fund Services for Europe, the Middle East and Africa at Northern Trust. "Our new capabilities in Norway are an important milestone in our long-term depositary growth strategy and a continuation of our strategic focus on building our business across continental Europe, demonstrating our commitment to consolidating our position as a premier asset servicing partner to asset managers and asset owners across the Nordic region."
Robert Stenmark has been appointed as head of the Norway office. Stenmark joins from Handelsbanken where he was head of securities services in Norway. He has extensive experience working in financial services and, prior to his career at Handelsbanken, worked at SpareBank 1 Livforsikring and Experian. Robert will work closely with Bo Thulin, head of Northern Trust in the Nordic region.
Northern Trust has serviced clients in the Nordic region since 1991 and first opened its Stockholm office in 2009. Today, it supports clients in connection with a broad range of services from global custody to securities lending, foreign exchange, outsourced trade execution and middle office services, as well as asset management solutions through Northern Trust Asset Management for some of the Nordic region's most sophisticated institutional investors.
"As we strive to strengthen competitiveness in our asset management operation, the extension of Northern Trust's capabilities in Norway has enabled us to drive further efficiencies by consolidating the provision of asset servicing for our funds," said Harald Harlem, head of investment management services at KLP. "Northern Trust has the technology and depth of expertise able to support both our portfolio of investments and the evolving requirements of our fund range as they continue to grow in scale and sophistication."
Northern Trust's Global Fund Services business provides services including fund administration, global custody, investment operations outsourcing and capital market revenue enhancement solutions to global investment managers supporting a range of complex investment strategies across the full spectrum of asset classes.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 22 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2020, Northern Trust had assets under custody/administration of US$14.5 trillion, and assets under management of US$1.4 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Please visit our website or follow us on Twitter.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Please read our global and regulatory information.
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