CACEIS, a member of the Crédit Agricole Group, has entered into a fund accounting, bookkeeping, custody and transfer agent services agreement with Edmond de Rothschild group in Luxembourg.
As part of the deal, more than 100 Rothschild employees will join the CACEIS team on 1 October.
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Through this agreement, Luxembourg arm of the Edmond de Rothschild group will develop a high value added service based on the firm’s model and supported by a progressive, state-of-the art operational platform.
Subject to the approval of the Commission de Surveillance du Secteur Financier, the deal will cover assets worth 20 billion.
Under the partnership, Edmond de Rothschild (Europe) will remain the depositary and central administrator to the funds, meeting its commitments to its customers.
CACEIS and Edmond de Rothschild have entered into exclusive talks at the end of 2013.
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By GlobalDataMarc Ambroisien, CEO of Edmond de Rothschild (Europe), said: "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."
Pierre Cimino, managing director of CACEIS Bank Luxembourg, said: "This is an innovative alliance which will draw on our complementarity and respective skills, and see us consolidate our relationship with the Edmond de Rothschild group, an internationally-renowned partner. The staff joining us will help ensure the quality and continuity of services for our partner and its customers."
