American asset manager Northern Trust has set up its EU bank in Luxembourg in contingency planning for Brexit.

Dubbed Northern Trust Global Services Societas Europaea (NTGS SE), the new entity will be headed by David Wicks as CEO.

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Wicks has been at the helm of the firm’s business in continental Europe since 2017.

Thierry Lopez will serve as the chief risk officer of NTGS SE, while Steve David will become its COO.

The new entity will also have branches in the UK, Netherlands, Sweden and Abu Dhabi.

Besides, Northern Trust will retain its EMEA headquarters in London.

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Northern Trust president for EMEA Teresa Parker said: “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 organisation and underpinned by continuous technological innovation, we are exceptionally well placed to support our clients’ future goals and objectives.”

Northern Trust opened its Luxembourg office in 2004.

In 2017, the asset manager strengthened its presence in Luxembourg by acquiring UBS Asset Management’s local fund administration servicing unit.

In EMEA, Northern Trust has 11 branches and employee strength of over 3500.

Northern Trust chairman and CEO Michael O’Grady said: “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.”