A reappointment to service 790 billion NOK’s worth of assets, for life insurer KLP, leads Northern Trust to establish its second office in the Nordic region. Handelsbanken’s head of securities services for Norway, Robert Stenmark (pictured), switches employers to head the new entity.
Kommunal Landspensjonskasse (KLP), which is Norway’s largest life insurance firm, has awarded Northern Trust an extension of their existing 10-year relationship. Northern Trust has serviced Nordic clients since 1991 and had an office in the region since 2009, in Stockholm.
According to a Tuesday press release, the new office is to offer “onshore depositary services to Norwegian domiciled funds”.
Robert Stenmark is recruited from Handelsbanken to head the Oslo activities, working near Northern Trust’s Nordic head Bo Thulin.