Makes Luxembourg new EU banking base
David Wicks was named head of continental Europe at Northern Trust, said a spokeswoman for the firm.
The role is new and subject to regulatory approval. Mr. Wicks will lead the firm's business in continental Europe, working with Clive Bellows, head of Northern Trust's Global Fund Services business across Europe, the Middle East and Africa. He will be responsible for developing strategy, regulatory oversight and governance, and will also oversee client relationships in the firm's institutional investor group. He will report to Teresa Parker, president, Northern Trust, EMEA.
Also falling under his leadership will be a new European Union-banking presence in Luxembourg, which further establishes Northern Trust's commitment to the region, said a news release.
Mr. Wicks most recently was regional executive for enterprise operations for the EMEA region at Northern Trust.
"(Mr. Wicks') 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," said Ms. Parker in the release.
The spokeswoman added in an email: "While there remains significant uncertainty on the terms of a U.K. exit from the EU, Northern Trust has been engaged in implementing its Brexit plans for some months and has identified Luxembourg as the domicile for its EU bank. London will remain Northern Trust's headquarters for its business in EMEA."
Northern Trust's acquisition of UBS Asset Management's fund administration servicing units, based in Luxembourg and Switzerland and set to close later this year, "offers us opportunities for increased growth in continental Europe and this was a key factor for us in selecting Luxembourg" for the EU bank domicile, added the spokeswoman.
Northern Trust has $7.1 trillion in assets under custody, and $1 trillion in assets under management.