LUXEMBOURG - Northern Trust Corporation (NASDAQ:NTRS), a financial services company, has appointed Olivier Noël as the new Country Head of Luxembourg and the leader of its asset servicing business in the region, effective immediately. Noël also takes on the role of Chief Executive Officer of Northern Trust Global Services SE (NTGS SE), the company's European Union bank, following the approval by its Board.
Noël, who has been with Northern Trust since 2005, previously served as the Chief Operating Officer for the Luxembourg Global Fund Services business from 2019 and has been a member of the NTGS SE authorized management team since 2020. His past roles within the company have provided him with extensive experience in the asset servicing sector.
In his new position, Noël will report to Clive Bellows, the current Head of Global Fund Services for Europe, the Middle East, and Africa (EMEA). Bellows, who is set to become President of Northern Trust's EMEA business pending regulatory approval, praised Luxembourg as central to the company's Continental European strategy. He expressed confidence in Noël's ability to drive growth and help clients navigate the complexities of investing and conducting business in Europe.
Northern Trust has been operational in Luxembourg since 2004, offering a suite of services including fund administration, depositary, and global custody. The company has achieved several milestones in the region, such as being the first major custodian to obtain a license for a UCITS-compliant management company, servicing a cross-border, tax-transparent fund in 2005, and acquiring UBS Asset Management's fund administration business in 2017. Luxembourg also became the headquarters for NTGS SE in 2019.
The appointment is part of Northern Trust's ongoing efforts to enhance its service offerings and expand its presence in strategic locations. With a history dating back to 1889, Northern Trust has established itself as a leader in wealth management, asset servicing, and banking. As of December 31, 2023, the corporation had assets under custody/administration totaling $15.4T and assets under management of $1.4T.
This announcement is based on a press release statement from Northern Trust.
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