Northern Trust has expanded its depositary services across multiple fund types, asset classes, fund locations and investment strategies to support fund managers implementing the AIFMD. 

With five new senior positions created across Europe, Northern Trust will be able to offer depositary services in the United Kingdom and The Netherlands, in addition to its existing services in Ireland, Luxembourg and the Channel Islands.

“We are pleased to expand our depositary services capabilities to all our fund manager clients across Europe,” says Toby Glaysher, head of Global Fund Services. “Our AIFMD pan-European depositary 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.”

Northern Trust has acted as a depositary in Ireland since 2000 and Luxembourg since 2004. The expansion of its services to other European clients, following the AIFMD, includes the following strategic appointments:

• John Cargill has been hired as head of depositary services, EMEA, where he is responsible for managing a team of specialists located across Northern Trust’s European offices. Cargill joins Northern Trust from HSBC, in London, where he was most recently head of trustee and fiduciary services. During his 25 year career in financial services, Cargill has also worked for State Street, HBOS, Scottish Widows and Standard Life. He is a qualified solicitor and a member of the Law Society of Scotland. Based in London, he reports to Glaysher.

Reporting to Cargill are Alastair Hay, Stefan de Kort and Stephen Baker.

• Alastair Hay has been appointed as head of depositary services, UK. Hay has been working with Northern Trust in London since January this year supporting its strategy around AIFMD and depositary expansion. Prior to this, he was head of Natwest’s trustee and depositary services division.

• Leading the expansion of Northern Trust’s dedicated depositary services offering in The Netherlands is Stefan de Kort. In his role as head of depositary services Netherlands, he is responsible for supporting Northern Trust’s Dutch fund manager clients as they implement AIFMD and other regulations affecting their business and underlying investors. De Kort joins Northern Trust in Amsterdam from RBC Investor Services, where he was most recently located in Luxembourg and responsible for offering client solutions for Luxembourg offshore funds. During his career, de Kort has also worked for ABN Amro and Mellon Bank NA.

• De Kort is supported by Margot Six who joins Northern Trust from Bouwfonds Real Estate Investment Management, part of the Rabobank Group, where she was senior legal counsel. Prior to this she held a senior legal role in the Dutch Central Bank’s department of governance of international banking institutions.

• As head of operations for depositary services, EMEA, Stephen Baker will be responsible for ensuring the overall operational management of Northern Trust’s depositary services group in EMEA, from his Limerick base. Baker joined Northern Trust following its acquisition of Bank of Ireland Securities Services (BoISS) in 2011, where he was head of custody servicing.

“We are pleased to appoint these senior and highly experienced experts in depositary services,” says Wilson Leech, head of Northern Trust in EMEA. “As the focus on risk management and governance continues across the financial services industry they, working with our existing depositary services experts, will be instrumental in ensuring Northern Trust continues to be well placed to help our clients meet their regulatory requirements.”

Northern Trust’s Global Fund Services business provides custody, fund administration, investment operations outsourcing, and ETF solutions to investment managers across the globe and across the spectrum of asset classes. Its dedicated programme of workshops, newsletters and thought leadership provides regular updates from experts on the latest regulatory developments impacting its clients and on how Northern Trust is evolving to support their requirements.

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