CACEIS and Edmond de Rothschild have announced a strategic Asset Servicing partnership that deepens their cooperation in Luxembourg, under which CACEIS will acquire the entirety of Edmond de Rothschild's third-party Asset Servicing business in Luxembourg and its Asset Servicing activities for Edmond de Rothschild's Private Equity and Infrastructure funds. CACEIS has performed Account-Keeping, Custody and Fund Administration activities for Edmond de Rothschild in Luxembourg since 2013. The deal makes CACEIS a strategic partner for Edmond de Rothschild in Luxembourg and is fully aligned with CACEIS' objective to act as a key leader in the European market, with the two groups to co-design bespoke service offerings for dedicated funds in the liquid and illiquid space. CACEIS group CEO Jean-Pierre Michalowski said the group is ready to deepen its commercial relationship and help drive consolidation in the European asset servicing market, while Edmond de Rothschild Europe CEO Yves Stein said the agreement marks a new chapter in the long-standing relationship and will allow the firm to focus on developing its Private Banking and Asset Management activities. The transaction is subject to approval by Luxembourg's CSSF, its terms have not been disclosed, and its impact on the CET1 ratio of Crédit Agricole S.A is non-significant.
Credit Agricole SACACEIS, a Crédit Agricole subsidiary, acquires Edmond de Rothschild's Luxembourg asset servicing business, expanding its European asset servicing footprint with non-significant CET1 impact.
