Northern Trust will set up its EU bank in Luxembourg
Today, Northern Trust announced its intention to set up its EU bank in Luxembourg, highlighting the bank’s continued strategic focus on growing its business in Europe.
Northern Trust Corporation is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago, Northern Trust has offices in the United States, Canada, Europe, the Middle East and the Asia-Pacific region.
“Continental Europe is a strategic area of focus for Northern Trust and the creation of our EU banking presence in Luxembourg highlights our commitment to growing our business in the region,” said Teresa Parker, President, Northern Trust, EMEA.
Northern Trust has an established network of offices across continental Europe – in Amsterdam, Frankfurt, Luxembourg and Stockholm.
Northern Trust’s acquisition of UBS Asset management’s fund administration services in Luxembourg and Switzerland, expected to close later this year subject to applicable regulatory and fund board approvals and other closing conditions will also establish Northern Trust as a top 10 asset servicing provider in terms of assets under administration in Luxembourg.
Northern Trust joins other leading financial institutions which have chosen Luxembourg as their new EU base to ensure that they can continue to serve their European clients following the UK’s decision to leave the European Union.
With a presence of more than 140 banks, Luxembourg is a major hub for international banks serving a pan-European and international client base. Many of them have established international competence centres in Luxembourg in key business lines such as wealth management, fund services, and global custody, serving their own groups as well as their clients across multiple jurisdictions.
“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,” said Nicolas Mackel, CEO of Luxembourg for Finance.