Northern Trust has renewed its asset servicing mandate with Kommunal Landspensjonskasse (KLP), Norway’s largest life insurance firm.
The mandate follows the launch of its new Oslo-based office, its second in the Nordic region, where it will offer onshore depositary services to Norwegian asset managers and owners.
The reappointment builds on an existing 10-year relationship with KLP to support the life insurer’s NOK 790 billion ($93 billion) worth of assets, and its continued evolution across fund products and strategies.
“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, 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.”
Under 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.
Last week, Northern Trust announced it had opened the new branch in Norway, led by Robert Stenmark as managing director of the Norway branch and head of depositary services for Norway.
Stenmark joined from Handlesbanken in Oslo where he spent six years as head of its Norwegian securities services business.
“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, EMEA, 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.”