French private bank Edmond de Rothschild has sold its majority
interest in Edmond de Rothschild Private Equity Select (Select),
its private equity arm, to Select’s management.

Led by David Seligman, Select will now operate as Seligman
Private Equity Select (SPES).

This move follows Edmond de Rothschild’s decision
to reduce its commitment to private equity sponsorship, largely as
a result of changes in the regulatory and market environment.


Non-core sell-offs continue

Rothschild is the latest European private bank to reduce its
non-core offerings. It follows KBL’s sale to a Qatari investor this
month and LGT’s sale of its German business to ABN AMRO.

According to Seligman, Select has developed a “strong franchise
in an attractive and high-performing segment of the European
private equity market.”

Under Seligman, SPES will continue to manage private equity
funds-of-funds, investing in small European buy-out and growth
equity funds.

Select’s investors include blue-chip institutions and family
offices, and has about €200 million of funds under management.