Northern Trust wins €254m Oslo custody mandate
NORWAY - The NOK34bn (€4.1bn) Oslo Pensjonsforsikring (OPF) has awarded a custody mandate for its NOK2.1bn global fixed income portfolio.
"This is the first time we have used a global custodian," says Håkon O. Wister, controller at the pension fund for the employees of the city of Oslo and companies in which the city has a majority ownership interest.
He said that OPF had chosen Northern Trust because "it demonstrated a consultative approach and thoroughly understood our requirements".
The fund's global fixed income portfolio is managed by Rogge Global Partners.
"We look forward to working with both OPF and Rogge Global Partners," says Allan Nedergaard, Northern Trust's Nordic business development manager.
As of September 30 Northern Trust had $3.3trn (€2.6trn) in assets under custody and $667bn in assets under management.