Kommunal Landspensjonskasse (KLP), one of Norways largest life insurance companies, has appointed Northern Trust and Handelsbanken to provide custody and depositary services for assets managed on behalf of its funds and insurance businesses.
Previously, KLP insurance assets we managed by a different custodian, and Northern Trust and Handelsbanken provided custody and related services to KLPs mutual funds business. Both insurance and mutual fund mandates were put up for renewal. Northern Trust and Handelsbanken were then selected following a review to consolidate legacy custody relationships to a single provider.
In 2003 Northern Trust appointed Handelsbanken as its regional sub-custodian, and in 2009 Northern Trust was appointed by Handelsbanken as its global custodian for assets from Handelsbankens clients in Norway, Denmark and Finland investing outside of the Nordic region.
KLP is delighted to extend the established mandate that the Northern Trust/ Handelsbanken partnership holds, said Harald Harlem, KLPs head of investment management services. The partnerships experience in providing services to Norwegian mutual funds was a strong factor in our selection.
Northern Trust, through our long-standing partnership with Handelsbanken is delighted to extend our existing services to KLP through this reappointment and additional new mandate, said Madeleine Senior, head of Northern Trust in the Nordics. Our partnership with Handelsbanken means we are able to offer our Nordic clients global asset servicing and pan-Nordic custody so that they can see all of their investments via one portal and get the full benefits of straight-through processing from both their custodian and trustee.