Storebrand Asset Management, a Norwegian asset manager with $86bn in assets, has turned to Northern Trust for asset servicing.
Under the agreement, US-based Northern Trust will offer a range of services for Storebrand’s Luxembourg-domiciled AIF and UCITS funds.
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These services include global custody, fund administration, transfer agency, depositary, as well as company secretarial services.
At the same time, the American asset manager will support the roll-out of a Luxembourg reserved alternative investment strategy.
Storebrand CEO Jan Erik Saugestad said: “Storebrand Asset Management has led the way by investing sustainably at scale for over 20 years, but the need to address global environmental and social challenges has never been greater. We are therefore excited to extend our reach and provide our sustainable solutions to European clients.”
“To achieve this we require an asset servicing partner with the scale and expertise to provide extensive solutions in support of our international growth strategy.
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By GlobalData“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.”
Under the UCITS umbrella strategy, Storebrand will manage multiple sub-funds emphasising ESG factors.
Northern Trust head of global fund services for EMEA Clive Bellows said: “Our track-record of administering all types of asset classes, of ensuring speed-to-market and supporting investment managers’ operations means we are ideally positioned to assist Storebrand as it executes its distribution strategy.”
Present in the Nordics since 1991, Northern Trust offers global custody, securities lending, and institutional outsourced trade execution services, among others, in the region. The firm set up its Stockholm office in 2009.
Storebrand caters to private and corporate clients and prioritises green investments. Last year, the business consolidated its operational systems using technology from SimCorp.
