Northern Trust has appointed Revel Wood to the newly created positions of head of client service and business development in Luxembourg, and deputy managing director for Northern Trust's Luxembourg office.
In his new role, Wood will assume overall responsibility for Northern Trust's products and client service in the region and will also serve on the board of directors of the company. He reports to Patrice Gilson, who was named country head for Northern Trust Luxembourg in October 2008.
Wood joined Northern Trust in 2004 and prior to his new role was global head of derivatives product management in London, where he was instrumental in developing Northern Trust's derivatives servicing capabilities, and responsible particularly for launching Northern Trust's derivative collateral management in 2007 and independent valuation services in 2005.
He has over 15 years' industry experience, specialising in business development, managing large programmes of change, and developing strategies for derivatives and investment operations outsourcing services.
Gilson says: "We are delighted to welcome Revel to the team in Luxembourg. Revel's experience in developing a global derivative platform and investment operations outsource service will be invaluable in helping enhance Northern Trust's well-established local operations, in Luxembourg.'
Wood adds: "I look forward to expanding our strong client relationships, exploring new business opportunities, and offering new services and products to clients' in the region. Our local knowledge and expertise are supported by the global strength and stability of the organisation, which ensures we are not only at the forefront of anticipating the needs of institutional investors, but at the forefront of devising solutions to suit their unique requirements.'
Northern Trust opened its Luxembourg branch office in 2004 to provide custody and fund administration services to clients across the region. It became the first major custodian to obtain a license to establish a Ucits III management company in Luxembourg, and in 2005 announced it was the first to service a Cross-Border Tax-Transparent Fonds Commun de Placement (FCP), to service a multinational clients' global pension plans.