Northern Trust opens Oslo branch after renewing KLP mandate

The US financial firm is opening its second office in the Nordic region to offer onshore depositary services to Norwegian-domiciled funds after being reappointed by KLP.

Oslo | Photo: Photo by Boris Krstic from Pexels

Northern Trust has established a new office in Oslo as a branch of Northern Trust Global Services SE to offer onshore depositary services to Norwegian asset managers and asset owners, the firm announces in a press statement.

The office is established following the reappointment by Kommunal Landspensjonskasse (KLP) and will be led by Robert Stenmark, who joins from Handelsbanken where he served as head of securities services in Norway.

KLP's 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, Northern Trust writes.

"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" comments Harald Harlem, head of investment management services at KLP.

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Clive Bellows, head of Global Fund Services for EMEA at Northern Trust is pleased to expand the relationship with KLP, he says in the statement and continues:

"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."

Northern Trust has serviced clients in the Nordic region since 1991 and first opened its Stockholm office in 2009.

In December 2020, BNY Mellon decided to open a branch in Copenhagen to provide depositary services for Nordic-based clients. Shortly afterwards, BNY Mellon announced that it had acquired Nykredit's depositary business.

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