LUXEMBOURG – Northern Trust is to launch a funds services business in Luxembourg.

The investment management service provider has named Ian Baillie as head of the new operation in Luxembourg, which is scheduled to open upon complete regulatory approval.

Baillie has worked in the custody and administration industry for over 25 years. Most recently he was managing director of the Bank of New York (Luxembourg) SA. A replacement has yet to be announced.

In his new role, he will report to Stephen Potter, senior vice president and head of Northern Trust’s international business based in London.

Northern Trust Global Fund Services has centres in both London and Dublin. As of June 2003, Northern Trust had 1.8 trillion dollars in assets under custody worldwide.