Northern Trust commits to EU hub
20 July 2017 Luxembourg
Image: Shutterstock
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 鈥渇urther establishing its commitment to the region鈥�.
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: 鈥淭he creation of our EU banking presence in Luxembourg, which will fall under David Wicks鈥檚 leadership in his new role, highlights our commitment to growing our business in continental Europe.鈥�
She added: 鈥淒avid Wicks鈥檚 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鈥� requirements.鈥�
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: 鈥淲e 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.鈥�
Wicks will lead Northern Trust鈥檚 business in continental Europe, working closely with Clive Bellows, head of the bank鈥檚 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鈥檚 institutional investor group.
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: 鈥淭he creation of our EU banking presence in Luxembourg, which will fall under David Wicks鈥檚 leadership in his new role, highlights our commitment to growing our business in continental Europe.鈥�
She added: 鈥淒avid Wicks鈥檚 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鈥� requirements.鈥�
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: 鈥淲e 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.鈥�
Wicks will lead Northern Trust鈥檚 business in continental Europe, working closely with Clive Bellows, head of the bank鈥檚 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鈥檚 institutional investor group.
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