Steve David

Company

Northern Trust

 

Position

Chief Operating Officer of Northern Trust’s EU Bank in Luxembourg

Country Head of Luxembourg Global Fund Services​

CELEBRATING A CAREER

MILESTONE

THE 15 YEAR ANNIVERSARY OF NORTHERN TRUST IN LUXEMBOURG LAST YEAR ALSO COINCIDED WITH STEVE DAVID’S 15 YEAR MILESTONE WITH THE COMPANY. THIS SAW HIM ASSUME THE ROLE OF CHIEF OPERATING OFFICER OF NORTHERN TRUST’S EU BANK IN ADDITION TO HIS RESPONSIBILITIES AS COUNTRY HEAD OF NORTHERN TRUST’S LUXEMBOURG GLOBAL FUND SERVICES BUSINESS.  DECISION MAKERS REFLECTS ON STEVE’S CAREER JOURNEY, WHICH STARTED AS AN AUDIT TRAINEE 26 YEARS AGO.

 

 

Starting point 

Born in Bettembourg, Steve studied economics and finance at the Institut Catholique des Hautes Études Commerciales in Brussels, and in 1994 became an audit trainee at Price Waterhouse in Luxembourg (now PwC).  He left four years later to join Chase Manhattan Bank Luxembourg S.A., where he worked in the Quality Assurance and Compliance/Fiduciary departments. In 2000, he took on the position of Compliance Officer at IKANO Advisory Management S.A., a Luxembourg fund management company. “It was important for my career because I was responsible for creating a function from scratch,” Steve says now, “helping me build a strong knowledge of the fund compliance world.”

 

Joining Northern Trust

 

​In 2004 Northern Trust opened an office in Luxembourg as part of a client-led initiative, which led to the establishment of Europe’s first tax-transparent pooling investment vehicle. Steve applied for a role and became Northern Trust’s second hire in the Grand Duchy, as Head of Risk and Control as well as Conducting Officer in the group’s Luxembourg Management Company. He stepped up to become Managing Director and Chief Operating Officer of the Northern Trust Luxembourg Management Company S.A in 2009. He served as Country Head between 2012 and February 2019, prior to assuming his new responsibilities in March 2019 when Northern Trust established its new European banking headquarters in Luxembourg, after re-domiciling its EU bank from the UK. “The initiative underscores our strategic growth focus and growth strategy in Continental Europe and will ensure continuity of global products and services,” Steve says.

Reflections on the past 15 years and road ahead

 

Steve reflects: “From the outset we have built our reputation from listening to our clients’ needs and providing solutions for them. This has helped propel our growth over the past 15 years to around 350 employees supporting approximately 600 funds and providing a full range of asset servicing solutions. In addition to last year’s banking development, another key milestone has been the acquisition of UBS Asset Management’s fund administration business in Luxembourg and Switzerland in 2017.  This has given us additional presence and scale and we are now a top 10 administrator by assets under administration as ranked in the 2019 Monterey Insight Luxembourg Fund Report. 2020 marks yet another milestone! We are relocating to new offices at Leudelange, south-western Luxembourg which will bring our two Luxembourg offices together in a development purpose built to meet the asset servicing needs of our clients in our new decade, and beyond.” 

 

 

Facts & Figures

 

  • Place of birth: Luxembourg

  • Nationality: Luxembourgish

  • Languages: Luxembourgish, German, French, English, glimpse of Spanish

  • Hobbies: Sports, Art

 

My favourite

 

  • Cities: Luxembourg, Paris, Tokyo (though I have never been there)

  • Restaurants: Kamakura, Celadon, Oishi (Paris), Matsuhisa (Munich)

  • Places: Munich, Paris, “Vieille-Ville” of Luxembourg

  • Books: Tintin, Enki Bilal, Yasunari Kawabata, Charles Bukowski

  • Music: Jazz-House, Jacques Brel, Leonard Cohen

  • Artwork: Helmut Newton, Araki, Giraud, Joerg Doering

© 2020 360Crossmedia

Capture d’écran 2020-08-07 à 10.17.43.