A final agreement has been reached by Edmond de Rothschild to sell its Luxembourg-based Third-Party Asset Servicing operations to Apex Group, a global provider of financial services.
The fund administration, transfer agent, and custody operations of Edmond de Rothschild for its Infrastructure and Private Equity funds will be acquired by Apex Group within the scope of this arrangement.
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Apex Group will subsequently serve as a key provider for Edmond de Rothschild on these initiatives.
This deal is a significant turning point in Edmond de Rothschild’s plan to focus on its key areas of Private Banking and Asset Management.
With operations that are tech-enabled and data-driven, Apex Group’s current capabilities in Luxembourg cater to a variety of regulated fund types.
In addition to this, the Apex Group has strengthened its regional footprint and competence in liquid funds and depositary activities with the incorporation of Edmond de Rothschild’s Luxembourg company.
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By GlobalDataClients and staff of Edmond de Rothschild should expect a smooth transition due to the Apex Group’s extensive global reach and long history of effectively merging companies.
Upon this acquisition, some asset servicing activities related to Edmond de Rothschild’s allocated funds and liquid funds (i.e., funds for the private clients & strategic partnerships of Edmond de Rothschild) will continue to be carried out.
Yves Stein, CEO of Edmond de Rothschild Europe stated: “This agreement with Apex Group is a significant milestone for Edmond de Rothschild’s growth plan to reinforce our positioning as a conviction-driven investment house. We will continue to focus our development on our core private banking and asset management activities. We believe Apex Group is the right home for the business and its clients given their successful track record, global reach, and single-source capabilities.”
“The addition of Edmond de Rothschild’s Asset Servicing business in Luxembourg further strengthens our local capabilities in the location that serves as the home of our single-source solution. The acquisition adds 115 talented new team members and takes our local team to approximately 1200 bringing additional expertise and supporting our existing Depositary team,” added Peter Hughes, founder, and CEO of Apex Group.
Apex Group’s legal counsel was Kirkland & Ellis LLP, while Macquarie Capital was Apex Group’s sole M&A adviser.
Edmond de Rothschild was represented by Allen & Overy for legal matters, and Deloitte Luxembourg handled all M&A activities.
