Baerum Kommune has selected Northern Trust for a NOK 600 million (€76.4 m) asset servicing mandate to provide global custody, securities lending, transition management and foreign exchange services.
"Northern Trust combines the scale and expertise of a global organisation with the focus and experience of a local provider, and this was very attractive to us," said Astrid Auran Nesbo, director of finance at Baerum Kommune.
"As a municipal investment fund, our selection must stand up to public scrutiny. Northern Trust's robust securities lending programme and processes were amongst a number of key factors in our decision making, together with its long track record in, and commitment to, the Nordic region."
