Norwegian-based Storebrand Asset Management has selected Northern Trust as its asset servicing provider to its alternative investment funds and Ucits funds domiciled in Luxembourg.
Some of the services Northern Trust is to give the asset manager include global custody, fund administration, transfer agency and depositary.
The Ucits umbrella fund will operate a number of sub funds which will focus on environmental, social and governance criteria, among other things.
Northern Trust will also service Storebrand’s range of alternative asset classes, including private equity and infrastructure assets, by supporting the launch of a Luxembourg reserved alternative investment fund.
Clive Bellows, regional head of global fund services, at Northern Trust said: “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.”
Northern Trust was chosen due to a strong cultural fit with the Nordic firm, and the fact it has a presence in the Nordic region, as well as “significant” expertise in Luxembourg, according to Storebrand’s chief executive Jan Erik Saugestad.
He said: “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,” the chief exec added.
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