LONDON & LUXEMBOURG--(BUSINESS WIRE)--Northern Trust (Nasdaq: NTRS) has 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 President EMEA Teresa Parker said: “As an industry, we have seen tremendous change over the last 50 years. Our clients face increased pressure to generate returns and enhance efficiencies against the backdrop of challenging markets, cost and regulatory change. With the establishment of our Luxembourg-based bank, which is backed by the strength, scale and 130-year heritage of a global organization and underpinned by continuous technological innovation, we are exceptionally well placed to support our clients’ future goals and objectives.”
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. Today, Northern Trust is a top 10 fund administrator in Luxembourg and a leading fund administrator in Switzerland, with complementary fund administration centres of excellence in Dublin, Guernsey and Limerick.
To lead the bank, which is licensed by the European Central Bank and supervised by the Commission de Surveillance du Secteur Financier, 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.
Today, Northern Trust has 11 offices and more than 3500 employees across EMEA. It offers a comprehensive range of innovative asset servicing and investment management solutions to institutional investors and affluent families.
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 20 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, 2018, Northern Trust had assets under custody/administration of US$10.1 trillion, and assets under management of US$1.1 trillion. For more than 125 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit northerntrust.com or follow us on Twitter @NorthernTrust.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at http://www.northerntrust.com/disclosures.