20 July 2017
Luxembourg
Reporter: Drew Nicol

Northern Trust commits to EU hub


Northern Trust is set to establish a banking presence in Luxembourg, and has appointed a new head of continental Europe, in a move that it says is “further establishing its commitment to the region”.

David Wicks will take on the newly-created position,subject to regulatory approval. He will report to Teresa Parker, president of Northern Trust in the EMEA region.

Parker said: “The creation of our EU banking presence in Luxembourg, which will fall under David Wicks’s leadership in his new role, highlights our commitment to growing our business in continental Europe.”

She added: “David Wicks’s strong client focus, in-depth knowledge of our business operations and strategic objectives will help continue to ensure we are well placed to support our clients’ requirements.”

The news follows the February announcement that Northern Trust will acquire the fund administration servicing units of UBS Asset Management, in Luxembourg and Switzerland.

The acquisition is still subject to regulatory and board approvals, and is expected to close later in the year. However, when it is complete, it is expected to establish Northern Trust as a top-ten asset servicing provider in Luxembourg, in terms of assets under administration.

Nicolas Mackel, CEO of Luxembourg for Finance, commented: “We are delighted that Northern Trust, one of the world's biggest financial services companies, has chosen Luxembourg as a base to expand within the European Union. Its decision is further recognition of the cross-border expertise and crucial strategic position of Luxembourg for non-EU financial services companies.”

Wicks will lead Northern Trust’s business in continental Europe, working closely with Clive Bellows, head of the bank’s Global Fund Services business across Europe, Middle East and Africa (EMEA).

Wicks has been with Northern Trust for 20 years, most recently holding the position of regional executive for enterprise operations for the EMEA region.

In his new role, he will be responsible for developing strategy, regulatory oversight and governance, and will oversee client relationships in Northern Trust’s institutional investor group.

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