Northern Trust Selected by Storebrand as Asset Servicing Provider for Cross-Border Distribution Through New Luxembourg Fund Range

Northern Trust (Nasdaq: NTRS) today announced it has been selected by Nordic investment manager Storebrand Asset Management AS (Storebrand) as asset servicing provider to its AIF and UCITS funds domiciled in Luxembourg.

Northern Trust will provide global custody, fund administration, transfer agency, depositary, and company secretarial services for the Storebrand funds in Luxembourg.

The UCITS umbrella fund will operate a number of sub-funds, which amongst other things will focus on Storebrand’s ESG and selected SKAGEN value-based investment strategies.

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.

Clive Bellows, head of global fund services, Europe, Middle East and Africa, 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. We are delighted Storebrand has selected Northern Trust to help reach its target investors around the world. 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. ”

Jan Erik Saugestad, CEO, Storebrand Asset Management 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. 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.”

Storebrand is Norway’s largest independent asset manager with over NOK786 billion (c. USD$86 billion) of assets under management (as of Q3 2019) all managed according to strict sustainability criteria. It provides long-term savings and insurance solutions to private and corporate clients, with particular focus on sustainable investments.

Northern Trust has worked in the Nordic region since 1991 and first opened its Stockholm office in 2009. Today, it provides a broad range of services from global custody to securities lending, and institutional outsourced trade execution for some of the Nordic region’s most sophisticated investors, across sectors such as asset management, pension insurance and banking.

Northern Trust’s Global Fund Services business provides services including fund administration, global custody, investment operations outsourcing and revenue enhancement solutions to global investment managers – supporting a range of complex investment strategies across the full spectrum of asset classes.

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 20 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2019, Northern Trust had assets under custody/administration of US $11.6 trillion, and assets under management of US $1.2 trillion. For 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit northerntrust.com or follow us on Twitter @NorthernTrust.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.

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