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Northern wins e17bn Varma-Sampo custody contract

FINLAND/UK- The e17bn Varma-Sampo fund has appointed Northern Trust to provide a full range of global custody services including securities lending, cash management, foreign exchange, and web-based reporting and accounting.

Says Petri Kuusisto, director of investments at Varma-Sampo: “we made a full review of different service providers. Northern Trust was selected because of their full scale web-based product and because it was able to convince us of having true client focus through all their processes.”

Varma-Sapmo’s formal search had narrowed down the original list of applicants to a shortlist of three.

The appointment takes Northern Trust’s assets under custody to e1.8trn.

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