Northern Trust lands the job of providing the depositary, custody and fund administration services, as Norway’s leading independent asset manager offers cross-border distribution through AIF and UCITS funds based in Luxembourg.

According to a Northern Trust press release Wednesday morning, the agreement will span global custody, fund administration, transfer agency, depositary, and company secretarial services for Storebrand Asset Management’s Luxembourg-domiciled funds.

A UCITS umbrella fund will be working with a number of sub-funds, which will focus, amongst other things, on Storebrand’s ESG and selected value-based investment strategies under its Skagen funds brand. Also, a range of alternative asset classes, including private equity and infrastructure assets, will be serviced by supporting the launch of a Luxembourg reserved alternative investment fund.

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The press release quotes executives from both parties.

“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,” says Storebrand Asset Management’s CEO Jan Erik Saugestad.

Clive Bellows, European head of global fund services with Northern Trust, describes Northern Trust as “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”.