Northern Trust announced today that it has been appointed global custodian to Alecta, a Scandinavian pension fund manager with $35 billion in assets under management in the Nordic region. Northern Trust will provide global custody services for $8 billion in global assets, as well as securities lending, commission recapture, and trade settlement services.
“Alecta spent over a year in its global custody review,” says Gary Matheny, Manager of Alecta Investment Management. “Once the field was narrowed to a few custodians, we spent much time and effort in going through the remaining candidates in detail. Once we neared the final decision, it became clear that Northern Trust offered the best fit. Northern Trust were at the top in all areas, including best value for the money and a professional organization that fits Alecta and its goals very well. Northern’s system solutions should also improve Alecta’s efficiencies. We are looking forward to working with Northern Trust and see our relationship as a partnership more than simply working with a service provider.”
“We are delighted that Alecta selected Northern Trust,” adds Anne-Lise Winge, Vice President, Corporate and Institutional Services at Northern Trust. “We look forward to providing a comprehensive suite of products and services, as well as developing a strong and long lasting relationship with such an important client. Northern Trust’s focus and commitment to the Nordic region is clear and we are proud to now be able to count Alecta, a leader in their field, as a client of Northern Trust.”