Northern Trust lands asset servicing mandate from $86 billion Norwegian asset manager

The mandate will include global custody and fund administration services for Storebrand's AIF and UCITS Luxembourg-domiciled funds.

By Joe Parsons

Northern Trust has been selected to provide a range of back-office services to Storebrand Asset Management, Norway’s largest independent asset manager.

The mandate, which includes custody, depositary, fund administration and transfer agency services, will focus on Storebrand’s AIF and UCITS funds domiciled in Luxembourg.

Under the UCITS umbrella fund, Storebrand will operate a number of sub-funds, which amongst other things, will focus on environmental, social and governance (ESG) principles and selected SKAGEN value-based investment strategies.

“We require an asset servicing partner with the scale and expertise to provide extensive solutions in support of our international growth strategy. In Northern Trust, we have found a partner with a strong cultural fit that understands who we are – and has a local presence in the Nordic region combined with significant expertise in Luxembourg,” said Jan Erik Saugestad, CEO, Storebrand Asset Management.

Northern Trust will also service a range of alternative asset classes, including private equity and infrastructure assets, by supporting the launch of a Luxembourg reserved alternative investment fund.

“Northern Trust is increasingly supporting Nordic asset managers with their expansion plans by offering our distribution expertise across Europe’s major fund domiciles in combination with our front, middle and back office solutions. We are delighted Storebrand has selected Northern Trust to help reach its target investors around the world,” said Clive Bellows, head of global fund services, EMEA, Northern Trust.

With over $86 billion in assets under management, Storebrand is Norway’s largest independent asset manager and provides long-term savings and insurance solutions to private and corporate clients, with a focus on sustainable investments.

Northern Trust boasts several high-profile clients in the Nordics, including Sweden’s Handelsbanken, KLP, Norway’s largest life insurance company, and Sparebank1, Norway’s leading non-life insurer.

However, the Chicago-based custodian did lose Danish pension fund ATP and its $100 billion of assets as a global custody client to rival BNY Mellon in July this year.