Apex Group’s proposed acquisition of Edmond de Rothschild’s asset servicing business has been terminated.

The related share purchase agreement was cancelled after Apex Group failed to secure a final and unconditional regulatory approval for the acquisition.

Edmond de Rothschild said that while it regretted the circumstances of the terminated deal and reserved all its rights for further action in this regard, it would now focus on the internal development of its asset servicing business.

The private banking and asset management firm has therefore appointed David Claus as group head of the asset servicing business line and CEO of Edmond de Rothschild Asset Management (AM) Luxembourg, subject to CSSF approval.

Claus was previously European Depositary Bank CEO and worked in several roles at BNY Mellon for 20 years prior to that.

He brings 30 years of experience in financial services to the role, and is expected to play a pivotal role in leading the development of the Edmond de Rothschild asset servicing business line.

“I am delighted to welcome David Claus as CEO of Edmond de Rothschild AM Luxembourg,” said Edmond de Rothschild Europe CEO, Yves Stein.

“His leadership and experience will be instrumental in this new chapter for our house. Providing day to day service excellence to our clients has and always will be our key focus.

“Edmond de Rothschild will continue to develop this business in order to maintain a differentiated and valued offering for the world’s most sophisticated investors.”

Claus added: “I am proud to lead Edmond de Rothschild asset servicing business. This house embodies one of the highest quality standards on the market, with a broad asset servicing offering encompassing AIFM/management company, central administration, governance services and depositary bank.

“My priority will be to continue serving our clients with the highest standard of excellence.”

---