The Guernsey-based management team of Edmond de Rothschild has bought out the business and renamed it Rocq Capital.
The deal to buy Edmond de Rothschild Holdings (CI) from parent company Edmond de Rothschild (Suisse) includes two licensed entities; Edmond de Rothschild Asset Management (CI) and Edmond de Rothschild Securities (CI), both of which will operate go under the Rocq Capital banner.
The management team and Edmond de Rothschild (Suisse) confirmed in a joint statement that Rocq Capital Limited has acquired 100% of the shares in Edmond de Rothschild Holdings (C.I.) Limited from its former parent company Edmond de Rothschild (Suisse).
Approval for the changes has now been granted by the Guernsey Financial Services Commission, but a spokesperson for Edmond de Rothschild said that the financial details of the transaction, are to remain confidential.
Rocq Capital managing director, Stuart Perfitt, said: “With my fellow directors John de Garis and Jamie Gregson and the rest of the team, we are delighted to be continuing the business we have built while being part of the Edmond de Rothschild Group.
“We consider that the time is now ripe to take our business forward as an independent, locally-owned entity and that this will be in the best interests of clients and staff.
“Although ownership and names have changed we shall continue to provide the same service for all our asset management and broking clients that they have been accustomed to over the past 20 years,” he said.
Emmanuel Fievet, chief executive of Edmond de Rothschild, said that the decision to sell its Channel Islands activities to its Guernsey Management team was “a positive outcome for clients and staff in Guernsey”. Fievet also confirmed that Edmond de Rothschild will continue to provide custody and settlement services to the newly-formed Rocq Capital.
Perfitt added that the team were “grateful” to the Edmond de Rothschild Group for the “opportunity”.
The change of name of all three elements to the business, including the change from Edmond de Rothschild Holdings (CI) to Rocq Capital Holdings Limited, have been entered into the Guernsey Registry.