BusinessCompany NewsE&Y Luxembourg sells domiciliation arm

E&Y Luxembourg sells domiciliation arm

Firm sells department to financial services group Equity Trust for an undisclosed fee

Ernst
&Young
Luxembourg has sold off its domiciliation business and related
corporate secretarial services to
Equity Trust, a financial
services group, for an undisclosed fee.

The business, which supports high net worth individuals, corporations and
intermediaries globally, assumed control of the operation as of yesterday.

Raymond Schadeck, CEO of E&Y Luxembourg, said, ‘This transaction is
driven primarily by Ernst & Young’s realignment to core services, i.e.
Audit, Risk advisory and Tax services’

‘In choosing Equity Trust as the buyer, Ernst & Young has secured a
specialist trust, fiduciary and corporate administrator and a major player in
the Luxembourg and international markets.’

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