Northern Trust has opened a branch in Oslo, Norway. The branch will offer onshore depositary services to Norwegian asset managers and asset owners. The opening follows its reappointment by the NOK 790bn (USD92bn) Kommunal Landspensjonskasse (KLP), Norway’s largest life insurance firm. Under the terms of the renewed mandate with KLP, Northern Trust will provide a range of asset servicing solutions, including an extension of the relationship to include depositary services for KLP’s Norway-domiciled mutual funds. As previously reported, Robert Stenmark has been appointed as head of the Norway office. He joins from Handelsbanken, where he was head of securities services in Norway.
