Northern Trust will not cut jobs in London after today revealing plans to set up its new EU base in Luxembourg.
The Chicago-headquartered provider of banking and asset management services employs 1,500 people in the capital.
Many insurers, asset managers and banks have already revealed the location of new EU headquarters in preparation for Britain's exit from the EU. Having a base within the union will provide them with passporting rights across all EU countries.
A spokesperson for Northern Trust told City A.M. the firm has plans for a "significant presence” in Luxembourg and there would be "no redundancies" as a result of the move.
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Northern Trust had narrowed its selection down to the Grand Duchy and Ireland. In February it announced plans to buy UBS Asset Management's fund administration arm, which has a significant presence in Luxembourg.
Luxembourg has been a popular selection within the insurance sector, with the likes of AIG, RSA and Hiscox selecting for their new European headquarters.
Northern Trust European and Middle-East president Teresa Parker said Luxembourg's selection "highlights our commitment to growing our business in continental Europe.
Luxembourg for Finance, a government-sponsored lobby group, said it was delighted with Northern Trust's decision.
Chief executive Nicolas Mackel said:
Its decision is further recognition of the cross-border expertise and crucial strategic position of Luxembourg for non-EU financial services companies.