Insight & Analysis

Press release: Pictet and DNB collaborate on custody and funds services mandate

Published: Feb 2023

2nd February 2023 – Pictet Asset Services, the asset servicing business line of the Pictet Group, has been mandated by DNB Asset Management, the asset management-arm of Norway’s largest financial services group DNB, to provide the custody services and fund administration for DNB’s Luxembourg-domiciled UCITS umbrella fund.

DNB Asset Management is among the leading asset managers in the Nordic region and the Norway’s largest asset management company with AUM of EUR 77 billion. Their DNB umbrella fund, a UCITS SICAV domiciled in Luxembourg and composed of a select range of 17 sub-funds, manages EUR 3 billion in assets.

Pictet Asset Services will provide its extensive range of custody and administration services for investment funds as well as additional support services tailored to the DNB umbrella fund and its management company.

“We are delighted that DNB Asset Management chose us as the new asset services provider for their UCITS umbrella fund. 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.” says Marc Briol, CEO of Pictet Asset Services.

Mike Judith, Managing Director of DNB Asset Management S.A., said: “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. Being a bicentenary company ourselves, we are very proud to partner with Pictet, where over 200 years of experience are meeting DNB’s values”.

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