KLP Awards Global Custody and Depositary Bank Mandate to Northern Trust and Handelsbanken Partnership

Kommunal Landspensjonskasse (KLP), one of Norway's largest life insurance companies, announced that Northern Trust (NASDAQ:NTRS) and Handelsbanken have been selected to provide custody and depositary services for assets managed on behalf of its funds and insurance businesses.

Northern Trust and Handelsbanken were selected following a review to consolidate legacy custody relationships to a single provider. The review was conducted with the assistance of Thomas Murray, the specialist securities service advisory firm.

Along with the services for KLP's insurance business, the appointment renews an existing agreement for Northern Trust and Handelsbanken to provide custody and related services to KLP's mutual funds business.

"KLP is delighted to extend the established mandate that the Northern Trust/ Handelsbanken partnership holds," said Harald Harlem, KLP's head of investment management services. "The partnership's experience in providing services to Norwegian mutual funds was a strong factor in our selection."

In 2004, Northern Trust became the first global custodian to partner with a pan-Nordic bank to provide custody and related services to a mutual fund. KLP was the first Norwegian mutual fund to select Northern Trust and Handelsbanken for their innovative mutual fund solution.

"Northern Trust, through our long-standing partnership with Handelsbanken is delighted to extend our existing services to KLP through this reappointment and additional new mandate," said Madeleine Senior, head of Northern Trust in the Nordics. "Our partnership with Handelsbanken means we are able to offer our Nordic clients global asset servicing and pan-Nordic custody so that they can see all of their investments via one portal and get the full benefits of straight-through processing from both their custodian and trustee."