Northern Trust has opened an office in Oslo following its reappointment by a Norwegian life insurance firm.
Northern Trust said it had been reappointed by Kommunal Landspensionskasse, the largest Norwegian life insurer, and the extended asset servicing mandate includes provision of depositary services for the insurer’s Norway-domiciled mutual funds.
The office will be established as a branch of Northern Trust Global Services SE, an EU credit institution, and will offer onshore depositary services to Norwegian asset managers and asset owners.
Harald Harlem, head of investment management services at the insurer, said: “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,”
Robert Stenmark heads the office and has joined Northern Trust from Handelsbanken where he headed securities services in Norway.
Northern Trust opened an office in Stockholm in 2009.
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