The Luxembourg arm of the private banker Edmond de Rothschild Group will be develop “a high value-added service,” that will incorporate the fund accounting, bookkeeping, custody and transfer agent services of CACEIS, an asset service provider, according to a new partnership that is subject to the approval of the Commission de Surveillance du Secteur Financier.
CACEIS, a member of the Crédit Agricole Group, and the Edmond de Rothschild group entered into exclusive negotiations at the end of 2013 to become partners for the forthcoming service, officials say.
The subsequent deal allows the Edmond de Rothschild group to develop a service based on the Edmond de Rothschild model and supported by “a progressive, state-of-the art operational platform,” officials add.
Edmond de Rothschild (Europe) will remain the depositary and central administrator, meeting its commitments to its customers, according to the partnership. The deal involves assets of more than €20 billion, officials say. More than 110 Edmond de Rothschild employees will join CACEIS teams on October 1, 2014.
“Our teams have worked together in recent months, allowing us to maintain the highest levels of service and offer bespoke solutions that set us apart from the market,” says Marc Ambroisien, CEO of Edmond de Rothschild (Europe), in a statement.
“CACEIS hopes to support the Edmond de Rothschild group in its development strategy through its constantly changing service offering. The staff joining us will help ensure the quality and continuity of services for our partner and its customers,” says Pierre Cimino, managing director of CACEIS Bank Luxembourg.
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