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Northern Trust Supports AMF to Become One of the First Occupational Pension Providers in Sweden Under European IORP II Directive

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STOCKHOLM, February 21, 2022--(BUSINESS WIRE)--Northern Trust (Nasdaq: NTRS) is pleased to have supported AMF Tjänstepension AB (formerly AMF Pensionsförsäkring AB) on its transformational journey to becoming one of the first occupational pension providers in Sweden under the European Institutions for Occupational Retirement Provision (IORP) II Directive.

IORP II aims to improve the governance and communication standards of occupational pension schemes. The implementation of the directive demanded important changes and enhancements to pension fund providers’ business models spanning risk management, governance and member communications.

Christoffer Axelsson, chief operating officer at AMF, comments: "Our vision has always been clear: to provide the best possible retirement outcomes for our customers. Our move to become an occupational pension provider positions us well for the future, together with a decision to merge our asset management and administration units into a new single business entity. This required substantial changes to our business model, and a resulting transfer of assets. Throughout this organizational change we have relied on the support of Northern Trust, with whom we have developed a deep relationship spanning two decades. Their local market expertise, technical capabilities, and collaborative, solutions-driven approach have helped us to achieve our objective."

"Northern Trust has been servicing institutions in the Nordic region since 1991," said Bo Thulin, head of Northern Trust in the Nordics. "As a long-term partner to the pensions and insurance industry, we bring significant experience and a solutions-oriented mindset to support our clients through organizational and regulatory change. We are proud of our relationship with AMF, to which we have provided asset servicing solutions since 2003, and welcomed the opportunity to support them on their journey to deliver best possible retirement outcomes for pension scheme members."

Northern Trust’s Institutional Investor Group provides services to more than 330 clients with collectively more than $2.54 trillion (as at 31 December 2021) in assets under custody across Europe, Middle East and Africa, (EMEA). It is focused on supporting the evolving front and back office needs of pension funds, insurance companies, non-for-profit organizations, central banks and sovereign wealth funds and other inter-governmental agencies across EMEA.

Northern Trust has serviced clients in the Nordic region since 1991 and first opened a Stockholm office in 2009, followed by an office in Oslo in 2021. Today, it facilitates client access to services, solutions and new technologies across the investment lifecycle, from global custody to securities lending, foreign exchange, outsourced trade execution and middle office services, as well as asset management solutions through Northern Trust Asset Management for some of the Nordic region’s most sophisticated institutional investors.

About AMF
With SEK 800 billion in assets for approximately 4 million customers, AMF is one of Sweden’s leading pension companies and one of the largest owners on Nasdaq OMX Nordic Stockholm. AMF is owned equally by the Swedish Trade Union Confederation (LO) and the Confederation of Swedish Enterprise and operated on mutual principles, entailing that all profits are returned to the customers.

About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 22 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2021, Northern Trust had assets under custody/administration of US$16.2 trillion, and assets under management of US$1.6 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Please visit our website or follow us on Twitter.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Please read our global and regulatory information.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220216006131/en/


Europe, Middle East, Africa & Asia-Pacific:
Camilla Greene
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Marcel Klebba
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