leads ’s Luxembourg-based asset servicing business, which this week marks its 20-year anniversary of opening for business in the Grand Duchy. He took over this year as CEO of Northern Trust’s Luxembourg-headquartered bank, Northern Trust Global Services SE, and country head of its business supporting global investment managers.
This week, he will celebrate the anniversary on 25 September with colleagues and guests at the Philharmonie.
Key Luxembourg milestones
“We established ourselves here in 2004 to help clients take advantage of European fund opportunities,” says Noël. “Our milestones since then include, in 2005, becoming the first major custodian to obtain a license to establish a Ucits-compliant management company in Luxembourg, servicing a cross-border, tax-transparent Fonds Commun de Placement for a multinational global pension plan, and in 2017, acquiring the UBS fund administration business in Luxembourg (and Switzerland).”
“And in 2019 Luxembourg became the new headquarters for our EU bank – today central to our Continental European growth strategy,” says Noël. “From here, we provide a range of fund administration, depositary, custody and related asset servicing solutions for leading fund managers, corporations, multinationals and pension institutions.”
We established ourselves here in 2004 to help clients take advantage of European fund opportunities. In 2019 Luxembourg became the new headquarters for our EU bank. From here, we provide a range of fund administration, depositary, custody and related asset servicing solutions for leading fund managers, corporations, multinationals, and pension institutions.
Reflections on Luxembourg: Europe’s home for funds
Northern Trust’s story to date aligns with Luxembourg’s continued growth as a leading domicile for investment funds, second only to the US in scale. It continues to maintain its status as Europe’s largest domicile for investment funds, with growth rising month-on-month in 2024, currently standing at 5.6 trillion euros of assets under management (note: as of 31 July 2024. Source: Association of the Luxembourg Fund Industry).
The Grand Duchy continues to be a leader in global fund distribution says Noël: “Luxembourg fund vehicles are used by investment managers to package their ideas into ‘products’ sold around the world – and our collective success in this time spans continuing demand for both traditional and ‘alternative’ funds, including private equity, real estate and private debt strategies.”
Luxembourg continues to have the infrastructure, fund ‘toolkit’ and expertise to support all fund types – from the most straightforward to the most complex.
Noël predicts a similar trajectory for the future: “We foresee significant continued growth for Luxembourg, in particular reflecting investors’ interest in private markets as an asset class. There is notable demand for ‘hybrid’ funds offering combinations of strategies, including the use of ‘semi-liquid’ fund structures – open-ended funds investing significantly in private assets allowing easier redemptions than traditional private asset funds.”
“Luxembourg continues to have the infrastructure, fund ‘toolkit’ and expertise to support all fund types – from the most straightforward to the most complex,” he concludes.
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