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Steve David and Olivier Noel

(Northern Trust) : A bigger footprint across Europe

Luxembourg country head Steve David and chief operating officer for Luxembourg, Olivier Noel, give insights into Northern Trust’s recently announced deal to acquire UBS’s fund administration servicing units in Luxembourg and Switzerland.



What is the importance of the UBS deal to Northern Trust?

The UBS transaction will boost our scale, products and market reach across Europe, to the benefit of our clients. For a number of years we have aspired to expand our footprint in Luxembourg as well as gain a local presence in Switzerland on behalf of our global asset manager and asset owner clients. In February, we reached an important milestone in meeting these business goals by announcing that Northern Trust has entered into an agreement with UBS AG to acquire UBS Asset Management’s fund administration units in Luxembourg and Switzerland. This further deepens our presence in Luxembourg which has seen us steadily grow our business since opening our office here in 2004 to now support many leading asset managers and multinationals. In Switzerland we will gain local fund administration capabilities, becoming a leading administrator by assets in the market. Northern Trust has a strong existing Swiss client base and more than 30 years of experience supporting some of the world’s leading investors in the country and this acquisition supports the continued growth and commitment to the market.



« The UBS transaction will boost our scale, products and market reach across Europe, to the benefit of our clients. »

Steve David

What is a key focus of the transaction?

Over the past 127 years, Northern Trust has become a multi-faceted global financial services provider. Upon closing this deal, our focus will be on ensuring a seamless integration not only of UBS clients but also its employees. We believe people are one of our most important assets and it is their expertise and local market experience that will be valuable as we continue to build our business in the region.



How do you see the outlook for your business in Luxembourg and beyond?

The acquisition represents an excellent strategic fit as we position ourselves for long-term growth both in Europe and globally. From a Luxembourg perspective we continue to enjoy growth as our existing clients launch new funds. For our team this creates many opportunities for career development.

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