Northern Trust yesterday announced it has appointed Olivier Noël as Country Head of Luxembourg and leader of its Luxembourg-based asset servicing business, effective immediately.
Noël also assumes the position of Chief Executive Officer of Northern Trust’s European Union (EU) bank, Northern Trust Global Services SE (NTGS SE) following approval by its Board. He will become a member of the NTGS SE Board, subject to regulatory approval.
Noël joined Northern Trust in 2005 as its head of Luxembourg transfer agency. In his 18-year career since, he has worked in senior roles including as chief operating officer (COO) of Northern Trust’s Luxembourg Global Fund Services (GFS) business from 2019, and as COO for NTGS SE since 2020. He has been a member of the NTGS SE authorised management team since 2020.
Noël will report to Clive Bellows, currently Head of GFS, Europe, Middle East and Africa (EMEA) and who has been recently named, pending regulatory approval, to succeed Teresa Parker as President of Northern Trust’s EMEA business.
“Northern Trust first established a Luxembourg presence in 2004 to help clients take advantage of European fund opportunities,” said Bellows. “Today it is home to our EU bank and continues to be central to our Continental European strategy for growth and helping clients manage the increasing complexity of investing and doing business. We are excited to appoint Olivier to continue building our franchise through his leadership.”
From Luxembourg Northern Trust offers a range of fund administration, depositary and global custody services for leading fund managers, corporations, multinationals and pension institutions.
Milestones since 2004 include becoming the first major custodian to obtain a license to establish a UCITS-compliant management company in Luxembourg, being first to service a cross-border, tax-transparent Fonds Commun de Placement for a multinational client’s global pension plan in 2005, and the acquisition in 2017 of UBS Asset Management’s fund administration business in Luxembourg (and Switzerland). In 2019 Luxembourg became the new headquarters for NTGS SE.
