Northern Trust has been awarded an NOK606 million (approximately USD110 million) mandate to provide global custody, securities lending, transition management, and foreign exchange services to the municipal investment fund of Bærum Kommune, a suburb of Oslo, Norway.
“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,” says Astrid Auran Nesbø, director of finance at Bærum Kommune. “Northern Trust understood our requirements. 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.”
“Northern Trust has a long heritage of working in the Nordics, combining our global strength and capabilities with local expertise and local language speakers,” says Madeleine Senior, managing director of Northern Trust in the Nordic region. “Our Nordic client base is diversifying. We are able to offer optimal solutions to a range of institutional investors and asset managers that need to meet complex reporting requirements, as well as compliance and regulatory obligations, whilst also ensuring that their assets work hard through our global securities lending programme, transition management and foreign exchange services.”
Northern Trust has been serving the needs of Nordic region clients for 20 years. It has a dedicated team of relationship and account managers who speak the Scandinavian languages. Northern Trust opened its Nordic headquarters in Stockholm in September 2009 to offer asset servicing products and services to Nordic clients as close to their home market as possible.
