Northern Trust has established a new office in Oslo, Norway, to continue its commitment to meet the evolving requirements of its clients, marking its 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.
Northern Trust explains the office has been 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.
Based in Oslo, newly appointed Robert Stenmark has joined Northern Trust as head of depository for Norway, and will be responsible for the new office.
Stenmark will work closely with Bo Thulin, head of Northern Trust in the Nordic region.
Clive Bellows, head of global fund services for Europe, the Middle East and Africa at Northern Trust, comments: “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.”
“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,” says 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,” Harlem adds.
Northern Trust has serviced clients in the Nordic region since 1991 and first opened its Stockholm office in 2009.
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