CACEIS, the asset servicing arm of Crédit Agricole, is expanding its partnership with Edmond de Rothschild through a deal to acquire the bank's third-party asset servicing business in Luxembourg.

The agreement also covers asset servicing activities for Edmond de Rothschild's private equity and infrastructure funds, strengthening a relationship that began in 2013.

CACEIS has provided account-keeping, custody and fund administration services to Edmond de Rothschild in Luxembourg for more than a decade.

The companies said the new agreement will allow them to develop services for both liquid and illiquid funds by combining Edmond de Rothschild's private banking and asset management expertise with CACEIS' asset servicing capabilities.

The transaction remains subject to approval from Luxembourg's financial regulator, the CSSF. Financial terms were not disclosed.

Jean-Pierre Michalowski, chief executive of the CACEIS group, said: “Building on the trust we have earned from Edmond de Rothschild since 2013, we are ready to deepen our commercial relationship and help drive consolidation in the European asset servicing market. The funds and the new clients will benefit from our group’s global network, our extensive product offering and our ongoing technology investments that are raising the bar for servicing, efficiency and security across the industry.”

Yves Stein, chief executive of Edmond de Rothschild Europe added: “This agreement marks a new chapter in our long-standing relationship with CACEIS. It will allow us to focus on the development of our private banking and asset management activities, including a broad range of services for liquid and illiquid dedicated funds, while relying on the capabilities of a trusted, historic asset servicing partner.”

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