Press release
Northern Trust Establishes Branch in Oslo, Norway
New Office to Offer Onshore Depositary Services to Norwegian Domiciled Funds Following Reappointment by NOK 790bn (approximately US$92bn) Kommual
About this update from Northern Trust Corporation
[{"type":"text","content":"\nNew Office to Offer Onshore Depositary Services to Norwegian Domiciled Funds Following Reappointment by NOK 790bn (approximately US$92bn) Kommual Landspensjonskasse \n\n OSLO, Norway--(BUSINESS WIRE)--\nUnderscoring 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.\n\nThe 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.\n\nThe 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.\n\n“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.”\n\nRobert 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.\n\nNorthern 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 ...