US – Nordea Investment Management (NIM), the US fund management arm of the Nordic group, has appointed Northern Trust as global custodian and fund accountant to its new Delaware institutional business trust.

The mandate also includes foreign exchange, short-term cash management and other related services, as well as online services via Northern Trust’s passport service.

Says Peter Lambesis, vice president of Northern Trust Global Fund Services : “We are looking forward to a mutually beneficial relationship with Nordea.”

Henrik Bak, president of Nordea Investment Management, adds : “We wanted a commingled vehicle to meet the needs of our institutional clients and it was natural for us to leverage our relationship with Northern Trust.’