Norway-based DNB Asset Management (DNB) has selected Pictet Asset Services (Pictet) to provide custody and fund administration services for its Luxembourg-domiciled UCITS umbrella fund.
The umbrella fund is a UCITS SICAV and is composed of 17 sub-funds which manage €3 billion in assets.
As part of the mandate, Pictet will provide custody and administration services for investment funds as well as additional support services, tailored to the DNB umbrella fund and its management company.
DNB Asset Management is a prominent asset manager in the Nordic region and Norway’s largest asset management company with AuM €77 billion.
Marc Briol, CEO of Pictet Asset Services, says: “Our long-standing expertise and extensive offering in servicing third-party funds allows us to adapt our service level to meet the client’s needs and align with their operating model.
“Pictet’s sense of client servicing is reflected in our staff responsiveness and flexibility, enabling us to quickly adapt to our clients’ preferences from early onboarding discussions.”
Mike Judith, managing director of DNB Asset Management S.A., adds: “We are pleased to be able to count on Pictet Asset Services’ strong suite of bespoke services and support in our ambition to continue expanding our international customer base with our range of Luxembourg-domiciled funds.”
