Bærum Kommune director of finance Astrid Nesbo said Northern Trust understood their requirements. As a municipal investment fund, their selection must stand up to public scrutiny.

"Northern Trust’s robust securities lending programme and processes were amongst a number of key factors in our decision making, together with its long track record in, and commitment to, the Nordic region," Nesbo added.

Northern Trust managing director in the Nordic region Madeleine Senior said they are able to offer optimal solutions to a range of institutional investors and asset managers that need to meet complex reporting requirements, as well as compliance and regulatory obligations, whilst also ensuring that their assets work hard through their global securities lending programme, transition management and foreign exchange services.

Northern Trust has opened its Nordic headquarters in Stockholm in September 2009 to offer asset servicing products and services to Nordic clients as close to their home market as possible.