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New Global Sub-Custody Agreement Delivers US$15bn in Assets for Northern Trust
London (ots/PRNewswire) -
Northern Trust has been appointed by Handelsbanken as its global custodian, adding US$15bn in new assets under custody for Northern Trust and further extending a six-year relationship between the two banks.
Through the new global custody agreement, Northern Trust will act as the global custodian for assets from Handelsbanken's clients in Norway, Denmark and Finland investing outside of the Nordic region, bringing joint client assets under custody to over US$50bn and representing over 30 clients' investments.
"By selecting Northern Trust as our global custodian, our clients receive all the benefits of a world-class global custodian, operating in a number of different markets with top-quality technology and asset servicing capabilities. The security and sophistication this brings, is unmatched," says Annika Larsson, head of relationship management and sales at Handelsbanken.
In 2003, Northern Trust appointed Handelsbanken as its regional sub-custodian. The following year, Northern Trust became the first non-Swedish bank to provide custody and related services to a Swedish mutual fund through an innovative partnership with Handelsbanken. The agreement also marked the first time a global custodian had partnered with a pan-Nordic bank, for a mutual fund solution.
Says Madeleine Senior, head of Nordic client relationship management for Northern Trust's asset servicing business: "We are delighted to be working with Handelsbanken and to see an expansion in the relationship between our two organisations. The Nordics are extremely sophisticated markets, and through this agreement, we are able to provide greater flexibility in devising asset servicing solutions for clients in the Nordics investing globally."
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, fiduciary and banking solutions for corporations, institutions and affluent individuals worldwide. Northern Trust, a multibank holding company based in Chicago, has a growing network of 85 offices in 18 U.S. states and has international offices in 13 locations in North America, Europe and the Asia-Pacific region. As of December 31, 2007, Northern Trust had assets under custody of US$4.1 trillion, and assets under investment management of US$757.2 billion. Northern Trust, founded in 1889, has earned distinction as an industry leader in combining high-touch service and expertise with innovative products and technology. For more information, visit http://www.northerntrust.com.
Where Northern Trust's UK entities undertake regulated business, they are authorised and regulated in the United Kingdom by the Financial Services Authority.
Founded in 1871, Handelsbanken is a leading bank in the Nordic area. The Bank has over 10 500 employees. As a universal banking group, Handelsbanken offers a full range of commercial, wholesale and investment banking services for corporate, institutional and private customers. Handelsbanken has an extensive Nordic branch network encompassing in excess of 660 branches worldwide. In recent years, the Bank has also expanded its universal banking operations into Great Britain. Furthermore, the Bank maintains wholly owned subsidiaries, branches and representative offices in over 30 locations around the world. Handelsbanken was the first Nordic bank to provide complete custody services in the entire Nordic region. The Bank offers specialised and tailor-made services in Denmark, Finland, Norway and Sweden. For more information, visit http://www.handelsbanken.com
ots Originaltext: Northern Trust
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