Morgan Stanley is to move its EU base to Frankfurt ahead of Brexit, although it will move asset management operations to Dublin, while Northern Trust has picked Luxembourg.
Frankfurt, where Morgan Stanley already has a licensed entity, will be the centre of its operations attracting 200 people, Reuters reports.
However, it is likely to spread further operations across the EU with asset management going to Dublin.
Meanwhile, US bank and asset manager Northern Trust will set up a base in Luxembourg, promoting David Wicks to the new role of head of continental Europe.
“Continental Europe is a strategic area of focus for Northern Trust and the creation of our EU banking presence in Luxembourg highlights our commitment to growing our business in the region,” Teresa Parker, president of Northern Trust in Europe, said.
In February, Northern Trust confirmed it had acquired UBS Asset Management’s fund administration services in Luxembourg and Switzerland.
The deal is expected to complete later this year.