The business in Luxembourg has been sold for an undisclosed sum.

Edmond de Rothschild has agreed to sell its third-party asset servicing businesses in Luxembourg to Apex Group, the financial firm, for an undisclosed sum.

Apex Group will also acquire Edmond de Rothschild's fund administration, transfer agent and custody activities for its private equity and infrastructure funds.

Apex Group will then become a strategic provider for Edmond de Rothschild on these activities, EdR said in a statement yesterday. 

“This transaction is a noteworthy step in Edmond de Rothschild's strategy to focus on its core areas of expertise in private banking and asset management," the European firm said. 

Apex Group’s capabilities in Luxembourg support a range of regulated fund types.

Following this transaction, Edmond de Rothschild will retain selected asset servicing activities focused on its liquid funds and dedicated funds (i.e. funds for Edmond de Rothschild’s private clients and strategic partnerships).

“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,” Yves Stein, CEO of Edmond de Rothschild Europe, said. 

“The acquisition adds 115 talented new team members and takes our local team to about 1,200 bringing additional expertise and supporting our existing depositary team,” Peter Hughes, founder and CEO of Apex Group, said.

Transaction closing is subject to customary conditions, including regulatory approvals that are expected to be granted by mid-2024. Kirkland & Ellis served as legal counsel to Apex Group, and Macquarie Capital acted as exclusive M&A advisor. Allen & Overy served as legal counsel to Edmond de Rothschild, and Deloitte Luxembourg acted as exclusive M&A advisor.

Apex Group was established in Bermuda in 2003 and has more than 112 offices worldwide and more than 12,000 employees in 45 countries; it serves asset managers, various financial institutions, family offices and private clients.