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October 18, 2011updated 04 Apr 2017 3:47pm

Rothschild sells private equity arm in MBO

French private bank Edmond de Rothschild has sold its majority interest in Edmond de Rothschild Private Equity Select (Select), its private equity arm, to Selects management. This move follows LCFRs decision to reduce its commitment to private equity sponsorship, largely as a result of changes in the regulatory and market environment.

By Tina Leung

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.

 

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