Northern Trust Chooses Luxembourg For EU Bank; Names Wicks Head Of Continental Europe

Jul 19 2017 | 9:35pm ET

Northern Trust has formed a new European Union banking base in Luxembourg as Britain's begins the process of separating from the EU and promoted EMEA regional executive David Wicks to the role of head of continental Europe. 

Both the formation of the Luxembourg-domiciled EU bank and Wick’s appointment underscore the company’s continued strategic focus and commitment to the region, according to a statement. A base in Luxemboug will allow Northern Trust to serve its EU customers regardless of how Britain's final Brexit terms impact financial services companies headquartered there. 

In his new role, Wicks will lead Northern Trust’s business in continental Europe, working closely with Clive Bellows, head of Northern Trust’s Global Fund Services business across EMEA. He will be responsible for developing strategy, regulatory oversight and governance and will oversee client relationships in Northern Trust’s Institutional Investor Group, the statement added, reporting to Teresa Parker, president of Northern Trust, EMEA. 

Wick’s appointment is subject to regulatory approval. He has worked for Northern Trust in a variety of roles for 20 years, the company said. 

Founded in Chicago in 1889, Northern Trust Corporation is a provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. As of March 31, 2017, Northern Trust had assets under custody of $7.1 trillion, and assets under management of $1 trillion.

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