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.