The US group is retaining London as its headquarters for Europe, the Middle East and Africa.

Northern Trust, the US financial services group, has created its European Union-based bank in Luxembourg as a move to prevent Brexit disruption, it announced last week. However, it is keeping its EMEA headquarters in London, even as the clock ticks down towards the UK’s departure from the bloc.

The group, which has its global base in Chicago, has set up Northern Trust Global Services Societas Europaea. With branches in the UK, the Netherlands, Sweden and Abu Dhabi, Northern Trust’s EU bank will “ensure continuity of the financial institution’s global products and services after the UK leaves the European Union”. 

David Wicks, who in 2017 was named to lead continental Europe, has been appointed chief executive officer of the EU bank; Steve David has been named chief operating officer; and Thierry Lopez, chief risk officer.

“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,” Northern Trust chairman and chief executive Michael O’Grady said.

Northern Trust has been present in Luxembourg since 2004. After it bought the fund administration servicing units of UBS Asset Management in Switzerland and Luxembourg (2017), the firm said it “laid a foundation for strategic growth in Luxembourg”.

It also said that it is a top-10 fund administrator in Luxembourg and one of the most prominent fund administrators in Switzerland, with complementary fund administration centres in Dublin, Guernsey and Limerick.