The Northern Trust today established its EU bank in Luxembourg, marking a significant milestone in the expansion of the company’s 50-year presence across Europe, Middle East and Africa (EMEA).
The establishment of Northern Trust Global Services Societas Europaea (NTGS SE) underscores Northern Trust’s strategic focus and growth strategy in continental Europe. Headquartered in Luxembourg and with branches in the UK, Netherlands, Sweden and Abu Dhabi, Northern Trust’s EU bank will ensure continuity of the financial institution’s global products and services after the UK leaves the European Union. Northern Trust’s EMEA headquarters will remain in London, UK.
Northern Trust Corp. Chairman and Chief Executive Officer Michael O’Grady commented: "2019 is a milestone year for Northern Trust. It marks both the establishment of our EU bank in Luxembourg and half a century since we opened our London office, the first Northern Trust office outside North America.”
Northern Trust’s presence in Luxembourg has grown steadily since it was first established in 2004. Following the company’s 2017 acquisition of the fund administration servicing units of UBS Asset Management in Switzerland and Luxembourg, Northern Trust laid a foundation for strategic growth in Luxembourg, the largest funds distribution centre outside of the US. Northern Trust is currently a top 10 fund administrator in Luxembourg.
To lead the bank, which is licensed by the European Central Bank and supervised by the Commission de Surveillance du Secteur Financier (CSSF), Northern Trust has created a robust organisation structure and governance model, adding a number of senior executives in Luxembourg. David Wicks, who in 2017 was named to lead continental Europe, has been appointed chief executive officer of the EU bank; Steve David has been named chief operating officer; and Thierry Lopez, chief risk officer.
