In response to Brexit, American asset manager Northern Trust has picked Luxembourg as the new home for its European operations.
The asset manager currently employs 140 staff in Luxembourg. The decision to set up a presence in Luxembourg comes after the asset manager agreed to buy UBS Asset Management’s fund administration servicing units in Luxembourg and Switzerland.
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Northern Trust said that the UBS deal, which is slated to be completed in 2017, will provide it an office in Basel and establish it “as a top 10 asset servicing provider in terms of assets under administration in Luxembourg”.
Meanwhile, the firm named David Wicks as head of continental Europe.
Wicks, who has been associated Northern Trust since two decades, will now be tasked with developing strategy, regulatory oversight and governance and managing client relationships in the firm’s Institutional Investor Group.
He most recently served as the regional executive for enterprise operations for EMEA. In the new role, he will report to Northern Trust president for EMEA Teresa Parker.
“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,” Parker stated.
