Northern Trust has chosen Luxembourg as its post-Brexit destination, creating an EU-banking license as it looks to continue serving continental European funds.
The custodian has appointed David Wicks as head of continental Europe, where he will be responsible for developing strategy, regulatory oversight, and oversee client relationships within Northern Trust’s Institutional Investor Group.
Wicks will also work closely with Clive Bellows, head of its global fund services business for EMEA in the new role, Northern Trust said.
“The creation of our EU banking presence in Luxembourg, which will fall under David’s leadership in his new role, highlights our commitment to growing our business in continental Europe,” said Teresa Parker, president, Northern Trust EMEA.
“David’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 move is the latest play in Europe for the US custodian following the announcement it will create 400 new jobs in Ireland.
Custodians based in the UK have had to develop relocation plans to continue servicing continental European buy-side firms. JP Morgan recently launched plans to expand its custody and fund services team in Dublin by purchasing a new office to accommodate 1,000 people.
Northern Trust is expected to close its acquisition of UBS Asset Management’s fund administration servicing units in Luxembourg and Switzerland later this year. The acquisition will also give it a new European office in Basel.