Northern Trust to expand into UK, Netherlands
Northern Trust is to expand its depository services in the UK and the Netherlands to support European fund managers implementing the Alternative Investment Fund Managers Directive (AIFMD).
Also with the view of enlarging its services across multiple fund types, asset classes, fund localities and investment strategies, it has created five new senior positions across Europe.
Northern Trust has been operating in Ireland since 2000 and Luxembourg since 2004, as well as on the Channel Islands.
Toby Glaysher, head of global fund services at Northern Trust, said: “Our AIFMD pan-European depository capabilities are designed to provide the best in class services for our clients, enabling them to comply and take full advantage of the new regulatory landscape.”
Following the expansion of its services to other European clients, Northern Trust has appointed John Cargill as head of depository services fore Europe, the Middle East and Africa.
Cargill joined from HSBC in London, where he was head of trustee and fiduciary services.
Northern Trust has named Alastair Hay as head of depository services in the UK.
Hay has been working with the company since January, after he left NatWest as head of the trustee and depositary services division.
Leading the company’s activities in the Netherlands is Stefan Kort, who joined from RBC Investor Services in Luxembourg.
Before then, De Kort worked for ABN Amro and Mellon Bank NA.
De Kort is supported by Margot Six, who left Bouwfonds Real Estate Management, part of Rabobank Group, where she was a senior legal counsel.
Northern Trust added that Stephen Baker would be responsible for the overall operational management of its services in EMEA from Limerick.
Baker joined Northern Trust in 2011, following its acquisition of Bank of Ireland Securities Services, where he was head of custody servicing.
Northern Trust Global Fund Services provides custody, fund administration, investment operations outsourcing and ETF solutions.
Worldwide, the Chicago-based company has €3.7trn in assets under custody and €591bn in assets under managemen