Edmond de Rothschild (Europe) has appointed Caceis as its custodian in a deal that sees 110 of its staff transferred.
The outsourcing covers the fund manager’s Luxembourg arm and also includes bookkeeping, transfer agent and accounting services.
Edmond de Rothschild, which was founded in Paris, remains as the depositary and central administrator to the funds.
The deal involves assets of more than €20 billion. The 110 Edmond de Rothschild employees join Caceis, a French bank and asset servicer, on October 1.
Negotiations leading to the deal started last year.
©2014 funds europe